Franklin Resources (BEN) 10-Q 30 Jan 20 2020 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Dec. 31, 2019	Jan. 22, 2020
Document And Entity Information [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Dec. 31, 2019
Document Transition Report	false
Entity File Number	001-09318
Entity Registrant Name	FRANKLIN RESOURCES, INC.
Entity Central Index Key	0000038777
Current Fiscal Year End Date	--09-30
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q1
Amendment Flag	false
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	13-2670991
Entity Address, Address Line One	One Franklin Parkway
Entity Address, City or Town	San Mateo
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94403
City Area Code	650
Local Phone Number	312-2000
Title of 12(b) Security	Common Stock, par value $0.10 per share
Trading Symbol	BEN
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		496,897,552

Consolidated Statements of Inco

Consolidated Statements of Income - USD ($) $ in Millions	3 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Operating Revenues
Other	$ 31.5	$ 29.8
Total operating revenues	1,412.7	1,411.5
Operating Expenses
Sales, distribution and marketing	443.9	444.5
Compensation and benefits	389.4	355
Information systems and technology	62.5	60.9
Occupancy	34.5	31.2
General, administrative and other	89.7	108.4
Total operating expenses	1,020	1,000
Operating Income	392.7	411.5
Other Income (Expenses)
Investment and other income (losses), net	59.6	(59.1)
Interest expense	(6.7)	(6.4)
Other income (expenses), net	52.9	(65.5)
Income before taxes	445.6	346
Taxes on income	97.5	86
Net income	348.1	260
Less: net income (loss) attributable to
Redeemable noncontrolling interests	9	(15.4)
Nonredeemable noncontrolling interests	(11.4)	(0.5)
Net Income Attributable to Franklin Resources, Inc.	$ 350.5	$ 275.9
Earnings per Share
Basic	$ 0.70	$ 0.54
Diluted	$ 0.70	$ 0.54
Investment management fees [Member]
Operating Revenues
Operating revenues	$ 979.7	$ 971.8
Sales and distribution fees [Member]
Operating Revenues
Operating revenues	351.5	354.8
Shareholder servicing fees [Member]
Operating Revenues
Operating revenues	$ 50	$ 55.1

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Millions	3 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Statement of Comprehensive Income [Abstract]
Net Income	$ 348.1	$ 260
Other Comprehensive Income (Loss)
Currency translation adjustments, net of tax	58	(14.6)
Net unrealized losses on defined benefit plans, net of tax	(0.9)	(0.4)
Net unrealized losses on investments, net of tax	(1.7)	0
Total other comprehensive income (loss)	55.4	(15)
Total comprehensive income	403.5	245
Less: comprehensive income (loss) attributable to
Redeemable noncontrolling interests	9	(15.4)
Nonredeemable noncontrolling interests	(11.4)	(0.5)
Comprehensive Income Attributable to Franklin Resources, Inc.	$ 405.9	$ 260.9

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Millions	Dec. 31, 2019	Sep. 30, 2019
Assets
Cash and cash equivalents	$ 5,976.3	$ 5,957.6
Receivables	710.9	740
Investments	2,003.7	1,555.8
Investments, at fair value	997.3	589.7
Property and equipment, net	691.9	683.7
Goodwill and other intangible assets, net	3,032.2	2,994.5
Operating lease right-of-use assets	275.3	0
Other	193.7	197.7
Total Assets	15,001.8	14,532.2
Liabilities
Compensation and benefits	353.8	502.4
Accounts payable and accrued expenses	194	222.9
Dividends	142.1	137.4
Commissions	255.8	254
Income taxes	886.5	824.7
Debt	697	696.9
Deferred taxes	132.8	120.1
Operating lease liabilities	317.9	0
Other	238.7	270.6
Total liabilities	3,377	3,161.3
Commitments and Contingencies (Note 10)
Redeemable Noncontrolling Interests	790.4	746.7
Stockholders’ Equity
Preferred stock, $1.00 par value, 1,000,000 shares authorized; none issued	0	0
Common stock, $0.10 par value, 1,000,000,000 shares authorized; 497,599,517 and 499,303,269 shares issued and outstanding at December 31, 2019 and September 30, 2019	49.8	49.9
Retained earnings	10,408	10,288.2
Accumulated other comprehensive loss	(376.2)	(431.6)
Total Franklin Resources, Inc. stockholders’ equity	10,081.6	9,906.5
Nonredeemable noncontrolling interests	752.8	717.7
Total stockholders’ equity	10,834.4	10,624.2
Total Liabilities, Redeemable Noncontrolling Interests and Stockholders’ Equity	15,001.8	14,532.2
CIPs [Member]
Assets
Cash and cash equivalents	159	154.2
Receivables	76.6	99
Investments, at fair value	2,041.2	2,303.9
Total Assets	2,276.8	2,557.1
Liabilities
Accounts payable and accrued expenses	59	81.5
Debt	99.4	50.8
Total liabilities	158.4	132.3
Redeemable Noncontrolling Interests	790.4	746.7
Stockholders’ Equity
Total Franklin Resources, Inc. stockholders’ equity	760	1,129.6
Nonredeemable noncontrolling interests	568	548.5
Total stockholders’ equity	1,328	1,678.1
Total Liabilities, Redeemable Noncontrolling Interests and Stockholders’ Equity	2,276.8	2,557.1
Franklin Resources, Inc. [Member]
Assets
Cash and cash equivalents	$ 5,817.3	$ 5,803.4

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Dec. 31, 2019	Sep. 30, 2019
Statement of Financial Position [Abstract]
Investments, at fair value	$ 997.3	$ 589.7
Preferred stock, par value	$ 1	$ 1
Preferred stock, shares authorized	1,000,000	1,000,000
Preferred stock, shares issued	0	0
Common stock, par value	$ 0.1	$ 0.1
Common stock, shares authorized	1,000,000,000	1,000,000,000
Common stock, shares issued	497,599,517	499,303,269
Common stock, shares outstanding	497,599,517	499,303,269

Consolidated Statements of Stoc

Consolidated Statements of Stockholders' Equity - USD ($) shares in Millions, $ in Millions	Total	Common Stock [Member]	Capital in Excess of Par Value [Member]	Retained Earnings [Member]	Accumulated Other Comprehensive Loss [Member]	Stockholders' Equity [Member]	Nonredeemable Noncontrolling Interests [Member]
Stockholders' Equity [Roll Forward]
Adoption of new accounting guidance | ASU 2014-09 and 2016-01 [Member]	$ 14.9			$ 22.9		$ 14.9
Adoption of new accounting guidance | ASU 2016-01 [Member]					$ (8)
Beginning balance - Shares at Sep. 30, 2018		519.1
Beginning balance at Sep. 30, 2018		$ 51.9	$ 0	10,217.9	(370.6)	9,899.2
Beginning balance at Sep. 30, 2018							$ 308.7
Beginning balance at Sep. 30, 2018	10,207.9
Stockholders' Equity [Roll Forward]
Net income (loss)	275.9			275.9		275.9
Nonredeemable noncontrolling interests	(0.5)						(0.5)
Net income (loss)	275.4
Other comprehensive income (loss)	(15)				(15)	(15)
Dividends declared on common stock	(133.8)			(133.8)		(133.8)
Repurchase of common stock - Shares		(10.7)
Repurchase of common stock - Amount	(326.9)	$ (1.1)	(30.8)	(295)		(326.9)
Issuance of common stock - Shares		3.1
Issuance of common stock - Amount	33.9	$ 0.3	33.6			33.9
Stock-based compensation	(2.8)		(2.8)			(2.8)
Net subscriptions and other	23.1						23.1
Ending balance - Shares at Dec. 31, 2018		511.5
Ending balance at Dec. 31, 2018		$ 51.1	0	10,087.9	(393.6)	9,745.4
Ending balance at Dec. 31, 2018							331.3
Ending balance at Dec. 31, 2018	10,076.7
Beginning balance - Shares at Sep. 30, 2019		499.3
Beginning balance at Sep. 30, 2019	9,906.5	$ 49.9	0	10,288.2	(431.6)	9,906.5
Beginning balance at Sep. 30, 2019	717.7						717.7
Beginning balance at Sep. 30, 2019	10,624.2
Stockholders' Equity [Roll Forward]
Net income (loss)	350.5			350.5		350.5
Nonredeemable noncontrolling interests	(11.4)						(11.4)
Net income (loss)	339.1
Other comprehensive income (loss)	55.4				55.4	55.4
Dividends declared on common stock	(135.3)			(135.3)		(135.3)
Repurchase of common stock - Shares		(4.6)
Repurchase of common stock - Amount	(123.6)	$ (0.4)	(27.8)	(95.4)		(123.6)
Issuance of common stock - Shares		2.9
Issuance of common stock - Amount	29	$ 0.3	28.7			29
Stock-based compensation	(0.9)		(0.9)			(0.9)
Net subscriptions and other	28.2						28.2
Deconsolidation of investment products	(0.7)						(0.7)
Acquisition	19						19
Ending balance - Shares at Dec. 31, 2019		497.6
Ending balance at Dec. 31, 2019	10,081.6	$ 49.8	$ 0	$ 10,408	$ (376.2)	$ 10,081.6
Ending balance at Dec. 31, 2019	752.8						$ 752.8
Ending balance at Dec. 31, 2019	$ 10,834.4

Consolidated Statements of St_2

Consolidated Statements of Stockholders' Equity (Parenthetical) - $ / shares	3 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Statement of Stockholders' Equity [Abstract]
Dividends declared per share	$ 0.27	$ 0.26

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Millions	3 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Net cash provided by operating activities
Net Income	$ 348.1	$ 260
Adjustments to reconcile net income to net cash provided by operating activities:
Amortization of deferred sales commissions	20.3	21.7
Depreciation and other amortization	26.8	20.3
Stock-based compensation	28	31.2
Losses (income) from investments in equity method investees	(39.1)	37.6
Net losses on investments of consolidated investment products	8.3	49
Net purchase of investments by consolidated investment products	(268.5)	(150.9)
Deferred income taxes	13.7	11.5
Other	(5)	8.7
Changes in operating assets and liabilities:
Decrease in receivables and other assets	0.3	43.1
Decrease in receivables of consolidated investment products	13.9	19.5
Decrease (increase) in investments, net	(25.7)	105.8
Increase in operating lease right-of-use assets	0.8	0
Decrease in accrued compensation and benefits	(151.8)	(186)
Increase (decrease) in commissions payable	1.8	(38.5)
Increase in income taxes payable	61.8	37.1
Increase (decrease) in accounts payable, accrued expenses and other liabilities	(27.9)	15.4
Increase (decrease) in accounts payable and accrued expenses of consolidated investment products	24.8	(30.7)
Increase in operating lease liabilities	2.7	0
Net cash provided by operating activities	31.7	254.8
Net cash used in investing activities
Purchase of investments	(87.9)	(115.7)
Liquidation of investments	87.6	73.2
Additions of property and equipment, net	(25.7)	(25.7)
Acquisitions, net of cash acquired	1	0
Net deconsolidation of investment products	(2.6)	(30.9)
Net cash used in investing activities	(29.6)	(99.1)
Net cash used in financing activities
Dividends paid on common stock	(130.6)	(122.3)
Repurchase of common stock	(121.4)	(321.4)
Proceeds from loan	0.2	1.7
Payments on loan	(0.2)	0
Proceeds from debt of consolidated investment products	49.4	0
Noncontrolling interests	193.3	45.9
Net cash used in financing activities	(9.3)	(396.1)
Effect of exchange rate changes on cash and cash equivalents	25.9	(11.3)
Increase (decrease) in cash and cash equivalents	18.7	(251.7)
Cash and cash equivalents, beginning of period	5,957.6	6,910.6
Cash and Cash Equivalents, End of Period	5,976.3	6,658.9
Supplemental Disclosure of Cash Flow Information
Cash paid for income taxes	20.6	35.8
Cash paid for interest	0.6	6
Cash paid for interest by consolidated investment products	$ 0.5	$ 0.5

Basis of Presentation

Basis of Presentation	3 Months Ended
	Dec. 31, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	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, 2019 (“fiscal year 2019 ”). 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 December 31, 2019 .

New Accounting Guidance

New Accounting Guidance	3 Months Ended
	Dec. 31, 2019
Accounting Changes and Error Corrections [Abstract]
New Accounting Guidance	New Accounting Guidance Recently Adopted Accounting Guidance On October 1, 2019 , the Company adopted new guidance issued by the Financial Accounting Standards Board (“FASB”) for leases. 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 adopted the new guidance using the modified retrospective approach and recognized right-of-use assets of $274.5 million and lease liabilities of $315.2 million , substantially all of which relate to real estate leases. The right-of-use assets recognized as of October 1, 2019 were net of $40.7 million of deferred rent previously included in other liabilities on the consolidated balance sheet. See Note 9 – Leases for additional disclosures. Accounting Guidance Not Yet Adopted 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 2019 .

Earnings per Share

Earnings per Share	3 Months Ended
	Dec. 31, 2019
Earnings Per Share [Abstract]
Earnings per Share	Earnings per Share The components of basic and diluted earnings per share were as follows: (in millions, except per share data) Three Months Ended 2019 2018 Net income attributable to Franklin Resources, Inc. $ 350.5 $ 275.9 Less: allocation of earnings to participating nonvested stock and stock unit awards 4.2 2.5 Net Income Available to Common Stockholders $ 346.3 $ 273.4 Weighted-average shares outstanding – basic 494.7 510.3 Dilutive effect of nonparticipating nonvested stock unit awards 0.6 0.5 Weighted-Average Shares Outstanding – Diluted 495.3 510.8 Earnings per Share Basic $ 0.70 $ 0.54 Diluted 0.70 0.54 Nonparticipating nonvested stock unit awards excluded from the calculation of diluted earnings per share because their effect would have been antidilutive were 0.8 million and 0.3 million for the three months ended December 31, 2019 and 2018 .

Revenues

Revenues	3 Months Ended
	Dec. 31, 2019
Revenue from Contract with Customer [Abstract]
Revenues	Revenues 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 Investment management fees $ 573.1 $ 252.5 $ 75.0 $ 56.7 $ 22.4 $ — $ 979.7 Sales and distribution fees 237.4 98.8 14.4 0.5 0.4 — 351.5 Shareholder servicing fees 40.3 6.9 0.1 2.7 — — 50.0 Other 6.1 0.3 — 0.1 1.5 23.5 31.5 Total $ 856.9 $ 358.5 $ 89.5 $ 60.0 $ 24.3 $ 23.5 $ 1,412.7 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 three months ended Investment management fees $ 533.1 $ 267.7 $ 85.6 $ 61.4 $ 24.0 $ — $ 971.8 Sales and distribution fees 233.0 104.3 16.6 0.5 0.4 — 354.8 Shareholder servicing fees 44.9 7.7 — 2.5 — — 55.1 Other 3.0 0.3 — 0.1 0.3 26.1 29.8 Total $ 814.0 $ 380.0 $ 102.2 $ 64.5 $ 24.7 $ 26.1 $ 1,411.5 __________________ 1 Consists of interest and dividend income from consolidated investment products. Operating revenues are attributed to geographic areas based on the locations of the subsidiaries that provide the services, which may differ from the regions in which the related investment products are sold.

Investments

Investments	3 Months Ended
	Dec. 31, 2019
Investments [Abstract]
Investments	Investments The disclosures below include details of the Company’s investments, excluding those of consolidated investment products. See Note 7 – Consolidated Investment Products for information related to the investments held by these entities. Investments consisted of the following: (in millions) December 31, September 30, Equity securities, at fair value Sponsored funds $ 874.7 $ 466.4 Other equity securities 61.7 63.6 Total equity securities, at fair value 936.4 530.0 Debt securities Trading 47.5 44.2 Available-for-sale 2.0 4.0 Total debt securities 49.5 48.2 Investments in equity method investees 970.7 933.4 Other investments 47.1 44.2 Total $ 2,003.7 $ 1,555.8 During the three months ended December 31, 2019 , the Company entered into a swap agreement with a notional value of $60.0 million to hedge against changes in the value of an investment in a sponsored fund . The swap is measured at fair value with changes in the fair value recognized in earnings. The Company recognized an immaterial loss on the swap during the three months ended December 31, 2019 .

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Dec. 31, 2019
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements The disclosures below include details of the Company’s fair value measurements, excluding those of consolidated investment products. See Note 7 – Consolidated Investment Products for information related to fair value measurements of the assets and liabilities of these entities. The assets 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 December 31, 2019 Assets Equity securities, at fair value Sponsored funds $ 794.9 $ 10.6 $ — $ 69.2 $ 874.7 Other equity securities 24.2 0.5 10.9 26.1 61.7 Debt securities Trading — 29.6 17.9 — 47.5 Available-for-sale — 2.0 — — 2.0 Life settlement contracts — — 11.4 — 11.4 Total Assets Measured at Fair Value $ 819.1 $ 42.7 $ 40.2 $ 95.3 $ 997.3 (in millions) Level 1 Level 2 Level 3 NAV as a Total as of September 30, 2019 Assets Equity securities, at fair value Sponsored funds $ 397.0 $ — $ — $ 69.4 $ 466.4 Other equity securities 22.6 3.2 0.8 37.0 63.6 Debt securities Trading — 24.4 19.8 — 44.2 Available-for-sale — 4.0 — — 4.0 Life settlement contracts — — 11.5 — 11.5 Total Assets Measured at Fair Value $ 419.6 $ 31.6 $ 32.1 $ 106.4 $ 589.7 Level 1 assets consist primarily of sponsored funds and other equity securities for which the fair values are based on published NAV or quoted market prices. Level 2 assets consist of debt and equity securities for which the fair values are determined using independent third-party broker or dealer price quotes. Level 3 assets consist of debt and equity securities and life settlement contracts for which the fair values are based on discounted cash flows using significant unobservable inputs. Investments for which fair value was estimated using reported NAV as a practical expedient primarily consist of nonredeemable private debt, equity, infrastructure and real estate funds. These 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 were $46.4 million with an expected weighted-average life of 1.1 years at December 31, 2019 , and $46.9 million with a weighted-average life of 1.3 years at September 30, 2019 . The liquidation period for an investment in a private debt fund of $47.3 million and $48.6 million at December 31, 2019 and September 30, 2019 is unknown. The Company’s unfunded commitments to the funds totaled $4.8 million and $4.7 million at December 31, 2019 and September 30, 2019 . Changes in the Level 3 assets and liability were as follows: 2019 2018 (in millions) Investments Investments Contingent for the three months ended December 31, Balance at beginning of period $ 32.1 $ 32.6 $ (38.7 ) Total realized and unrealized gains (losses) Included in investment and other income (losses), net (0.3 ) 2.8 — Included in general, administrative and other expense — — (1.3 ) Purchases 12.6 — — Sales (1.5 ) (4.3 ) — Settlements (2.7 ) — — Transfers out of Level 3 — (2.1 ) — Balance at End of Period $ 40.2 $ 29.0 $ (40.0 ) Change in unrealized gains (losses) included in net income relating to assets and liability held at end of period $ (0.3 ) $ 2.8 $ (1.3 ) There were no transfers into Level 3 during the three months ended December 31, 2019 and 2018. Valuation techniques and significant unobservable inputs used in the Level 3 fair value measurements were as follows: (in millions) as of December 31, 2019 Fair Value Valuation Technique Significant Unobservable Inputs Range (Weighted Average 1 ) Equity securities, at fair value $ 10.9 Market pricing Private sale pricing $1,000 per share Debt securities, trading 17.9 Discounted cash flow Discount rate 1.5%–15.5% (6.8%) Risk premium 2.0%–6.1% (3.8%) Life settlement contracts 11.4 Discounted cash flow Life expectancy 19–105 months (55) Discount rate 10.0%–20.0% (13.4%) (in millions) as of September 30, 2019 Fair Value Valuation Technique Significant Unobservable Inputs Range (Weighted Average 1 ) Debt securities, trading $ 19.8 Discounted cash flow Discount rate 2.7%–13.3% (6.7%) Risk premium 2.0%–6.1% (4.2%) Life settlement contracts 11.5 Discounted cash flow Life expectancy 19–107 months (57) Discount rate 8.0%–20.0% (13.2%) __________________ 1 Based on the relative fair value of the instruments. If the relevant significant inputs used in the market pricing valuation were independently higher (lower) as of December 31, 2019 , the resulting fair value of the assets would be higher (lower). If the relevant significant inputs used in the discounted cash flow valuations were independently higher (lower) as of December 31, 2019 , the resulting fair value of the assets would be lower (higher). Financial instruments that were not measured at fair value were as follows: (in millions) Fair Value Level December 31, 2019 September 30, 2019 Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Financial Assets Cash and cash equivalents 1 $ 5,817.3 $ 5,817.3 $ 5,803.4 $ 5,803.4 Other investments Time deposits 2 16.8 16.8 15.4 15.4 Equity securities 3 18.9 20.7 17.3 19.2 Financial Liability Debt 2 $ 697.0 $ 720.2 $ 696.9 $ 718.7

Consolidated Investment Product

Consolidated Investment Products	3 Months Ended
	Dec. 31, 2019
Consolidated Investment Products [Abstract]
Consolidated Investment Products	Consolidated Investment Products Consolidated investment products (“CIPs”) consist of mutual and other investment funds, limited partnerships and similar structures, substantially all of which are sponsored by the Company, and include both voting interest entities and variable interest entities. The Company had 56 and 60 CIPs as of December 31, 2019 and September 30, 2019 . The balances related to CIPs included in the Company’s consolidated balance sheets were as follows: (in millions) December 31, September 30, Assets Cash and cash equivalents $ 159.0 $ 154.2 Receivables 76.6 99.0 Investments, at fair value 2,041.2 2,303.9 Total Assets $ 2,276.8 $ 2,557.1 Liabilities Accounts payable and accrued expenses $ 59.0 $ 81.5 Debt 99.4 50.8 Total liabilities 158.4 132.3 Redeemable Noncontrolling Interests 790.4 746.7 Stockholders ’ Equity Franklin Resources, Inc.’s interests 760.0 1,129.6 Nonredeemable noncontrolling interests 568.0 548.5 Total stockholders’ equity 1,328.0 1,678.1 Total Liabilities, Redeemable Noncontrolling Interests and Stockholders ’ Equity $ 2,276.8 $ 2,557.1 The CIPs did not have a significant impact on net income attributable to the Company during the three months ended December 31, 2019 and 2018 . The Company has no right to the CIPs’ assets, other than its direct equity investments in them and investment management and other fees earned from them. The debt holders of the CIPs have no recourse to the Company’s assets beyond the level of its direct investment, therefore the Company bears no other risks associated with the CIPs’ liabilities. Investment products are typically consolidated when the Company makes an initial investment in a newly launched investment entity. They are typically deconsolidated when the Company no longer has a controlling financial interest due to redemptions of its investment or increases in third-party investments. The Company’s investments in these products subsequent to deconsolidation are accounted for as either equity method investments or equity securities measured at fair value depending on the structure of the product and the Company’s role and level of ownership. Fair Value Measurements Assets of CIPs measured at fair value on a recurring basis were as follows: (in millions) Level 1 Level 2 Level 3 NAV as a Total as of December 31, 2019 Assets Investments Equity securities $ 237.8 $ 145.1 $ 329.4 $ 194.3 $ 906.6 Debt securities 0.1 817.2 83.4 — 900.7 Real estate — — 219.9 — 219.9 Loans — — 14.0 — 14.0 Total Assets Measured at Fair Value $ 237.9 $ 962.3 $ 646.7 $ 194.3 $ 2,041.2 (in millions) Level 1 Level 2 Level 3 NAV as a Total as of September 30, 2019 Assets Investments Equity securities $ 195.1 $ 223.9 $ 296.4 $ 204.1 $ 919.5 Debt securities 0.1 1,083.6 131.4 — 1,215.1 Real estate — — 152.7 — 152.7 Loans — — 16.6 — 16.6 Total Assets Measured at Fair Value $ 195.2 $ 1,307.5 $ 597.1 $ 204.1 $ 2,303.9 Level 1 assets consist of equity and debt securities for which the fair values are based on quoted market prices. Level 2 assets consist of debt and equity securities for which the fair values are determined using independent third-party broker or dealer price quotes. Level 3 assets consist of equity and debt securities of entities in emerging markets, other equity and debt instruments, real estate and loans for which the fair values are determined using significant unobservable inputs in either a market-based or income-based approach. Investments for which fair value was estimated using reported NAV as a practical expedient consist of nonredeemable real estate and private equity funds. These investments are expected to be returned through distributions over the life of the funds as a result of liquidations of the funds’ underlying assets over a weighted-average period of 4.3 years and 4.4 years at December 31, 2019 and September 30, 2019 . The CIPs’ unfunded commitments to these funds totaled $173.5 million and $168.7 million , of which the Company was contractually obligated to fund $20.6 million based on its ownership percentage in the CIPs, at December 31, 2019 and September 30, 2019 . Changes in Level 3 assets were as follows: (in millions) Equity Debt Real Estate Loans Total for the three months ended December 31, 2019 Balance at October 1, 2019 $ 296.4 $ 131.4 $ 152.7 $ 16.6 $ 597.1 Realized and unrealized gains (losses) included in investment and other income (losses), net 1.0 (8.0 ) (2.7 ) (0.1 ) (9.8 ) Purchases 32.0 0.7 64.3 — 97.0 Sales and settlements (1.2 ) (0.4 ) — (2.5 ) (4.1 ) Deconsolidation — (40.7 ) — — (40.7 ) Foreign exchange revaluation 1.2 0.4 5.6 — 7.2 Balance at December 31, 2019 $ 329.4 $ 83.4 $ 219.9 $ 14.0 $ 646.7 Change in unrealized gains (losses) included in net income relating to assets held at December 31, 2019 $ 1.0 $ (8.0 ) $ (2.7 ) $ 0.3 $ (9.4 ) (in millions) Equity Debt Loans Total for the three months ended December 31, 2018 Balance at October 1, 2018 $ 199.7 $ 118.0 $ 32.3 $ 350.0 Realized and unrealized gains (losses) included in investment and other income (losses), net 11.4 (7.2 ) (1.0 ) 3.2 Purchases 9.7 — 8.2 17.9 Sales and settlements (1.1 ) (6.0 ) (0.3 ) (7.4 ) Transfers into Level 3 0.1 — — 0.1 Transfers out of Level 3 (25.4 ) (3.6 ) — (29.0 ) Foreign exchange revaluation (0.8 ) (0.3 ) — (1.1 ) Balance at December 31, 2018 $ 193.6 $ 100.9 $ 39.2 $ 333.7 Change in unrealized gains (losses) included in net income relating to assets held at December 31, 2018 $ 11.7 $ (1.4 ) $ — $ 10.3 There were no transfers into or out of Level 3 during the three months ended December 31, 2019 . Valuation techniques and significant unobservable inputs used in Level 3 fair value measurements were as follows: (in millions) as of December 31, 2019 Fair Value Valuation Technique Significant Unobservable Inputs Range (Weighted Average 1 ) Equity securities $ 148.6 Discounted cash flow Discount rate 4.7%–15.4% (10.8%) Discount for lack of marketability 17.0% 98.5 Market comparable companies Enterprise value/ 4.5–11.8 (8.1) Discount for lack of marketability 15.0%–30.0% (23.1%) Risk premium 18.9% Enterprise value/ 3.7 82.3 Market pricing Private sale pricing $0.24–$87.73 ($24.81) per share Debt securities 74.9 Discounted cash flow Discount rate 4.7%–17.4% (12.1%) Discount for lack of marketability 17.0%–24.7% (22.9%) 8.5 Market comparable companies Price-to-earnings ratio 10.0 Enterprise value/ 22.8 Real estate 134.0 Yield capitalization Equivalent yield 4.3%–6.1% (5.2%) 85.9 Discounted cash flow Discount rate 5.3%–5.4% (5.3%) Loans 14.0 Discounted cash flow Loss-adjusted discount rate 3.0%–23.9% (12.1%) (in millions) as of September 30, 2019 Fair Value Valuation Technique Significant Unobservable Inputs Range (Weighted Average 1 ) Equity securities $ 97.2 Discounted cash flow Discount rate 4.8%–16.3% (10.3%) Discount for lack of marketability 17.0% 176.9 Market comparable companies Enterprise value/ 4.5–11.8 (8.1) Discount for lack of marketability 15.0%–30.0% (23.1%) Risk premium 18.9% Enterprise value/ 3.7 22.3 Market pricing Private sale pricing $0.25–$20.13 ($2.06) per share Debt securities 115.5 Discounted cash flow Discount rate 4.8%–17.4% (9.7%) Discount for lack of marketability 17.0%–24.7% (22.9%) 15.9 Market comparable companies Price-to-earnings ratio 10.0 Enterprise value/ 21.9 Real estate 68.0 Yield capitalization Equivalent yield 4.3%–6.1% (5.4%) 84.7 Discounted cash flow Discount rate 6.4%–7.4% (7.1%) Loans 16.6 Discounted cash flow Loss-adjusted discount rate 3.0%–23.9% (12.0%) __________________ 1 Based on the relative fair value of the instruments. If the relevant significant inputs used in the market-based valuations, other than the discount for lack of marketability and risk premium, were independently higher (lower) as of December 31, 2019 , the resulting fair value of the assets would be higher (lower). If the relevant significant inputs used in the discounted cash flow or yield capitalization valuations, as well as the discount for lack of marketability and risk premium in the market-based valuations, were independently higher (lower) as of December 31, 2019 , the resulting fair value of the assets would be lower (higher). Financial instruments of CIPs that were not measured at fair value were as follows: (in millions) Fair Value Level December 31, 2019 September 30, 2019 Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Financial Asset Cash and cash equivalents 1 $ 159.0 $ 159.0 $ 154.2 $ 154.2 Financial Liability Debt 3 $ 99.4 $ 101.2 $ 50.8 $ 51.0 Debt Debt of CIPs totaled $99.4 million and $50.8 million at December 31, 2019 and September 30, 2019 . The debt had fixed and floating interest rates ranging from 1.28% to 7.69% with a weighted-average effective interest rate of 3.94% at December 31, 2019 , and from 2.08% to 7.94% with a weighted-average effective interest rate of 5.09% at September 30, 2019 . The contractual maturities for debt of CIPs at December 31, 2019 were as follows: (in millions) for the fiscal years ending September 30, Amount 2020 (remainder of year) $ 23.3 2021 7.5 2022 — 2023 — 2024 30.1 Thereafter 38.5 Total $ 99.4 Redeemable Noncontrolling Interests Changes in redeemable noncontrolling interests of CIPs were as follows: (in millions) for the three months ended December 31, 2019 2018 Balance at beginning of period $ 746.7 $ 1,043.6 Net income (loss) 9.0 (15.4 ) Net subscriptions and other 165.1 22.8 Net deconsolidations (130.4 ) (118.7 ) Balance at End of Period $ 790.4 $ 932.3

Nonconsolidated Variable Intere

Nonconsolidated Variable Interest Entities	3 Months Ended
	Dec. 31, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nonconsolidated Variable Interest Entities	Nonconsolidated Variable Interest Entities Variable interest entities (“VIEs”) for which the Company is not the primary beneficiary consist of sponsored funds and other investment products in which the Company has an equity ownership interest. The Company’s maximum exposure to loss from these VIEs consists of equity investments and investment management and other fee receivables as follows: (in millions) December 31, September 30, Investments $ 467.4 $ 458.1 Receivables 159.2 149.5 Total $ 626.6 $ 607.6 While the Company has no legal or contractual obligation to do so, it routinely makes cash investments in the course of launching sponsored funds. As it has done in the past, the Company also may voluntarily elect to provide its sponsored funds with additional direct or indirect financial support based on its business objectives. The Company did not provide financial or other support to its sponsored funds during the three months ended December 31, 2019 or fiscal year 2019 .

Leases

Leases	3 Months Ended
	Dec. 31, 2019
Leases [Abstract]
Lease Disclosure	Leases Lessee Arrangements Substantially all of the Company’s leases are operating leases relating to real estate. The leases had a weighted-average remaining lease term of 8.8 years as of December 31, 2019 , and generally include one or more options to renew. At the inception of a contract, the Company determines whether it is or contains a lease, which includes consideration of whether there are identified assets in the contract and if the Company has control over such assets. Right-of-use (“ROU”) assets and lease liabilities are recognized for all arrangements that qualify as a lease, except for those with original lease terms of 12 months or less. ROU assets and lease liabilities are recognized at the lease commencement date based on the present value of the future lease payments using an incremental borrowing rate estimated on a collateralized basis with similar terms for the specific interest rate environment. Leases with fixed payments are expensed on a straight-line basis over the lease term. Variable lease payments based on usage, changes in an index or market rate are expensed as incurred. The lease terms include options to extend or terminate the lease when it is reasonably certain they will be exercised. Lease and nonlease payment components are accounted for separately. The Company elected to use hindsight in determining the lease term and evaluating impairment of ROU assets upon adoption of new lease accounting guidance on October 1, 2019 . ROU assets are tested for impairment when there is an indication that the carrying value of an asset may not be recoverable. Lease expense was as follows: (in millions) Amount for the three months ended December 31, 2019 Operating lease cost 1 $ 13.8 Finance lease cost 0.3 Variable lease cost 2 0.3 Total lease expense $ 14.4 __________________ 1 Substantially all is included in occupancy expense. 2 Consists of operating lease payments. Supplemental cash flow information related to leases was as follows: (in millions) Amount for the three months ended December 31, 2019 Operating cash flows from operating leases included in the measurement of operating lease liabilities $ 13.2 ROU assets obtained in exchange for new operating lease liabilities 8.2 The weighted-average discount rate for the operating lease liabilities as of December 31, 2019 was 2.8% . The maturities of the liabilities were as follows: (in millions) Amount for the fiscal years ending September 30, 2020 (remainder of year) $ 39.1 2021 46.8 2022 42.2 2023 41.8 2024 39.2 Thereafter 151.9 Total lease payments 361.0 Less: interest (43.1 ) Operating lease liabilities $ 317.9 As of September 30, 2019 , future minimum lease payments under long-term non-cancelable operating leases were as follows: (in millions) for the fiscal years ending September 30, Amount 2020 $ 49.5 2021 45.3 2022 40.9 2023 39.1 2024 36.7 Thereafter 149.1 Total Minimum Lease Payments $ 360.6 Lessor Arrangements The Company leases excess owned space in its San Mateo, California corporate headquarters and various other office buildings primarily in the U.S. to third parties. The leases had a weighted-average remaining lease term of 7.8 years as of December 31, 2019 , and generally include one or more options to renew. The maturities of lease payments due to the Company as of December 31, 2019 were as follows: (in millions) Amount for the fiscal years ending September 30, 2020 (remainder of year) $ 20.8 2021 28.6 2022 25.4 2023 26.0 2024 27.0 Thereafter 93.9 Total $ 221.7

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Dec. 31, 2019
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Legal Proceedings The Company is from time to time involved in litigation relating to claims arising in the normal course of business. Management is of the opinion that the ultimate resolution of such claims will not materially affect the Company’s business, financial position, results of operations or liquidity. In management’s opinion, an adequate accrual has been made as of December 31, 2019 to provide for any probable losses that may arise from such matters for which the Company could reasonably estimate an amount. Other Commitments and Contingencies At December 31, 2019 , there were no material changes in the other commitments and contingencies as reported in the Company’s Form 10-K for fiscal year 2019 .

Stock-Based Compensation

Stock-Based Compensation	3 Months Ended
	Dec. 31, 2019
Share-based Compensation [Abstract]
Stock-Based Compensation	Stock-Based Compensation Stock and stock unit award activity was as follows: (shares in thousands) Time-Based Shares Performance- Based Shares Total Shares Weighted- Average Grant-Date Fair Value for the three months ended December 31, 2019 Nonvested balance at October 1, 2019 3,778 1,854 5,632 $ 34.06 Granted 4,458 118 4,576 27.91 Vested (381 ) (374 ) (755 ) 35.51 Forfeited/canceled (102 ) (524 ) (626 ) 34.48 Nonvested Balance at December 31, 2019 7,753 1,074 8,827 $ 30.72 Total unrecognized compensation expense related to nonvested stock and stock unit awards was $218.0 million at December 31, 2019 . This expense is expected to be recognized over a remaining weighted-average vesting period of 2.2 years .

Other Income (Expenses)

Other Income (Expenses)	3 Months Ended
	Dec. 31, 2019
Other Income and Expenses [Abstract]
Other Income (Expenses)	Other Income (Expenses) Other income (expenses) consisted of the following: Three Months Ended (in millions) 2019 2018 Investment and Other Income (Losses), Net Dividend income $ 18.6 $ 25.6 Interest income 5.4 9.0 Gains (losses) on investments, net 7.8 (15.8 ) Income (losses) from investments in equity method investees 39.1 (37.6 ) Losses on investments of CIPs, net (8.3 ) (49.0 ) Rental income 7.5 4.9 Foreign currency exchange (losses) gains, net (8.5 ) 4.7 Other, net (2.0 ) (0.9 ) Total 59.6 (59.1 ) Interest Expense (6.7 ) (6.4 ) Other Income (Expenses), Net $ 52.9 $ (65.5 ) Substantially all dividend income was generated by investments in nonconsolidated sponsored funds. Interest income was primarily generated by cash equivalents and time deposits. Gains (losses) on investments, net consists primarily of realized and unrealized gains (losses) on equity securities measured at fair value. Proceeds from the sale of available-for-sale securities were $1.0 million for the three months ended December 31, 2019 . There were no sales of available-for-sale securities in fiscal year 2019. Net gains (losses) recognized on equity securities measured at fair value and trading debt securities that were held by the Company at December 31, 2019 and 2018 were $5.9 million and $(12.1) million . Net gains (losses) recognized on investment securities of CIPs that were held at December 31, 2019 and 2018 were $14.8 million and $(31.2) million .

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income (Loss)	3 Months Ended
	Dec. 31, 2019
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Accumulated Other Comprehensive Income (Loss)	Accumulated Other Comprehensive Income (Loss) Changes in accumulated other comprehensive income (loss) by component were as follows: (in millions) Currency Unrealized Unrealized Total for the three months ended December 31, 2019 Balance at October 1, 2019 $ (425.4 ) $ (6.2 ) $ — $ (431.6 ) Other comprehensive income (loss) Other comprehensive income (loss) before reclassifications, net of tax 58.1 (0.9 ) (1.9 ) 55.3 Reclassifications to net investment and other income (losses), net of tax (0.1 ) — 0.2 0.1 Total other comprehensive income (loss) 58.0 (0.9 ) (1.7 ) 55.4 Balance at December 31, 2019 $ (367.4 ) $ (7.1 ) $ (1.7 ) $ (376.2 ) (in millions) Currency Unrealized Unrealized Total for the three months ended December 31, 2018 Balance at October 1, 2018 $ (372.9 ) $ (4.2 ) $ 6.5 $ (370.6 ) Adoption of new accounting guidance — — (8.0 ) (8.0 ) Other comprehensive loss Other comprehensive loss before reclassifications, net of tax (14.4 ) (0.4 ) — (14.8 ) Reclassifications to net investment and other income (losses), net of tax (0.2 ) — — (0.2 ) Total other comprehensive loss (14.6 ) (0.4 ) — (15.0 ) Balance at December 31, 2018 $ (387.5 ) $ (4.6 ) $ (1.5 ) $ (393.6 )

Fair Value Measurements Account

Fair Value Measurements Accounting Policies (Policies)	3 Months Ended
	Dec. 31, 2019
Schedule Of Consolidated Investment Products [Line Items]
Fair Value Measurements	Level 1 assets consist primarily of sponsored funds and other equity securities for which the fair values are based on published NAV or quoted market prices. Level 2 assets consist of debt and equity securities for which the fair values are determined using independent third-party broker or dealer price quotes. Level 3 assets consist of debt and equity securities and life settlement contracts for which the fair values are based on discounted cash flows using significant unobservable inputs.
CIPs [Member]
Schedule Of Consolidated Investment Products [Line Items]
Fair Value Measurements	Level 1 assets consist of equity and debt securities for which the fair values are based on quoted market prices. Level 2 assets consist of debt and equity securities for which the fair values are determined using independent third-party broker or dealer price quotes. Level 3 assets consist of equity and debt securities of entities in emerging markets, other equity and debt instruments, real estate and loans for which the fair values are determined using significant unobservable inputs in either a market-based or income-based approach.

Earnings per Share (Tables)

Earnings per Share (Tables)	3 Months Ended
	Dec. 31, 2019
Earnings Per Share [Abstract]
Components of basic and diluted earnings per share	The components of basic and diluted earnings per share were as follows: (in millions, except per share data) Three Months Ended 2019 2018 Net income attributable to Franklin Resources, Inc. $ 350.5 $ 275.9 Less: allocation of earnings to participating nonvested stock and stock unit awards 4.2 2.5 Net Income Available to Common Stockholders $ 346.3 $ 273.4 Weighted-average shares outstanding – basic 494.7 510.3 Dilutive effect of nonparticipating nonvested stock unit awards 0.6 0.5 Weighted-Average Shares Outstanding – Diluted 495.3 510.8 Earnings per Share Basic $ 0.70 $ 0.54 Diluted 0.70 0.54

Revenues (Tables)

Revenues (Tables)	3 Months Ended
	Dec. 31, 2019
Revenue from Contract with Customer [Abstract]
Operating revenues by geographic area	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 Investment management fees $ 573.1 $ 252.5 $ 75.0 $ 56.7 $ 22.4 $ — $ 979.7 Sales and distribution fees 237.4 98.8 14.4 0.5 0.4 — 351.5 Shareholder servicing fees 40.3 6.9 0.1 2.7 — — 50.0 Other 6.1 0.3 — 0.1 1.5 23.5 31.5 Total $ 856.9 $ 358.5 $ 89.5 $ 60.0 $ 24.3 $ 23.5 $ 1,412.7 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 three months ended Investment management fees $ 533.1 $ 267.7 $ 85.6 $ 61.4 $ 24.0 $ — $ 971.8 Sales and distribution fees 233.0 104.3 16.6 0.5 0.4 — 354.8 Shareholder servicing fees 44.9 7.7 — 2.5 — — 55.1 Other 3.0 0.3 — 0.1 0.3 26.1 29.8 Total $ 814.0 $ 380.0 $ 102.2 $ 64.5 $ 24.7 $ 26.1 $ 1,411.5 __________________ 1 Consists of interest and dividend income from consolidated investment products.

Investments (Tables)

Investments (Tables)	3 Months Ended
	Dec. 31, 2019
Investments [Abstract]
Summary of investments	Investments consisted of the following: (in millions) December 31, September 30, Equity securities, at fair value Sponsored funds $ 874.7 $ 466.4 Other equity securities 61.7 63.6 Total equity securities, at fair value 936.4 530.0 Debt securities Trading 47.5 44.2 Available-for-sale 2.0 4.0 Total debt securities 49.5 48.2 Investments in equity method investees 970.7 933.4 Other investments 47.1 44.2 Total $ 2,003.7 $ 1,555.8

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Dec. 31, 2019
Fair Value Disclosures [Abstract]
Schedule of assets measured at fair value on a recurring basis	The assets 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 December 31, 2019 Assets Equity securities, at fair value Sponsored funds $ 794.9 $ 10.6 $ — $ 69.2 $ 874.7 Other equity securities 24.2 0.5 10.9 26.1 61.7 Debt securities Trading — 29.6 17.9 — 47.5 Available-for-sale — 2.0 — — 2.0 Life settlement contracts — — 11.4 — 11.4 Total Assets Measured at Fair Value $ 819.1 $ 42.7 $ 40.2 $ 95.3 $ 997.3 (in millions) Level 1 Level 2 Level 3 NAV as a Total as of September 30, 2019 Assets Equity securities, at fair value Sponsored funds $ 397.0 $ — $ — $ 69.4 $ 466.4 Other equity securities 22.6 3.2 0.8 37.0 63.6 Debt securities Trading — 24.4 19.8 — 44.2 Available-for-sale — 4.0 — — 4.0 Life settlement contracts — — 11.5 — 11.5 Total Assets Measured at Fair Value $ 419.6 $ 31.6 $ 32.1 $ 106.4 $ 589.7
Schedule of changes in Level 3 assets and liability	Changes in the Level 3 assets and liability were as follows: 2019 2018 (in millions) Investments Investments Contingent for the three months ended December 31, Balance at beginning of period $ 32.1 $ 32.6 $ (38.7 ) Total realized and unrealized gains (losses) Included in investment and other income (losses), net (0.3 ) 2.8 — Included in general, administrative and other expense — — (1.3 ) Purchases 12.6 — — Sales (1.5 ) (4.3 ) — Settlements (2.7 ) — — Transfers out of Level 3 — (2.1 ) — Balance at End of Period $ 40.2 $ 29.0 $ (40.0 ) Change in unrealized gains (losses) included in net income relating to assets and liability held at end of period $ (0.3 ) $ 2.8 $ (1.3 )
Schedule of valuation techniques and significant unobservable inputs used in level 3 fair value measurements	Valuation techniques and significant unobservable inputs used in the Level 3 fair value measurements were as follows: (in millions) as of December 31, 2019 Fair Value Valuation Technique Significant Unobservable Inputs Range (Weighted Average 1 ) Equity securities, at fair value $ 10.9 Market pricing Private sale pricing $1,000 per share Debt securities, trading 17.9 Discounted cash flow Discount rate 1.5%–15.5% (6.8%) Risk premium 2.0%–6.1% (3.8%) Life settlement contracts 11.4 Discounted cash flow Life expectancy 19–105 months (55) Discount rate 10.0%–20.0% (13.4%) (in millions) as of September 30, 2019 Fair Value Valuation Technique Significant Unobservable Inputs Range (Weighted Average 1 ) Debt securities, trading $ 19.8 Discounted cash flow Discount rate 2.7%–13.3% (6.7%) Risk premium 2.0%–6.1% (4.2%) Life settlement contracts 11.5 Discounted cash flow Life expectancy 19–107 months (57) Discount rate 8.0%–20.0% (13.2%)
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 December 31, 2019 September 30, 2019 Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Financial Assets Cash and cash equivalents 1 $ 5,817.3 $ 5,817.3 $ 5,803.4 $ 5,803.4 Other investments Time deposits 2 16.8 16.8 15.4 15.4 Equity securities 3 18.9 20.7 17.3 19.2 Financial Liability Debt 2 $ 697.0 $ 720.2 $ 696.9 $ 718.7

Consolidated Investment Produ_2

Consolidated Investment Products (Tables)	3 Months Ended
	Dec. 31, 2019
Consolidated Investment Products [Abstract]
Schedule of balances of CIPs	The balances related to CIPs included in the Company’s consolidated balance sheets were as follows: (in millions) December 31, September 30, Assets Cash and cash equivalents $ 159.0 $ 154.2 Receivables 76.6 99.0 Investments, at fair value 2,041.2 2,303.9 Total Assets $ 2,276.8 $ 2,557.1 Liabilities Accounts payable and accrued expenses $ 59.0 $ 81.5 Debt 99.4 50.8 Total liabilities 158.4 132.3 Redeemable Noncontrolling Interests 790.4 746.7 Stockholders ’ Equity Franklin Resources, Inc.’s interests 760.0 1,129.6 Nonredeemable noncontrolling interests 568.0 548.5 Total stockholders’ equity 1,328.0 1,678.1 Total Liabilities, Redeemable Noncontrolling Interests and Stockholders ’ Equity $ 2,276.8 $ 2,557.1
Schedule of assets and liabilities measured at fair value on a recurring basis	Assets of CIPs measured at fair value on a recurring basis were as follows: (in millions) Level 1 Level 2 Level 3 NAV as a Total as of December 31, 2019 Assets Investments Equity securities $ 237.8 $ 145.1 $ 329.4 $ 194.3 $ 906.6 Debt securities 0.1 817.2 83.4 — 900.7 Real estate — — 219.9 — 219.9 Loans — — 14.0 — 14.0 Total Assets Measured at Fair Value $ 237.9 $ 962.3 $ 646.7 $ 194.3 $ 2,041.2 (in millions) Level 1 Level 2 Level 3 NAV as a Total as of September 30, 2019 Assets Investments Equity securities $ 195.1 $ 223.9 $ 296.4 $ 204.1 $ 919.5 Debt securities 0.1 1,083.6 131.4 — 1,215.1 Real estate — — 152.7 — 152.7 Loans — — 16.6 — 16.6 Total Assets Measured at Fair Value $ 195.2 $ 1,307.5 $ 597.1 $ 204.1 $ 2,303.9
Schedule of changes in Level 3 assets of CIPs	Changes in Level 3 assets were as follows: (in millions) Equity Debt Real Estate Loans Total for the three months ended December 31, 2019 Balance at October 1, 2019 $ 296.4 $ 131.4 $ 152.7 $ 16.6 $ 597.1 Realized and unrealized gains (losses) included in investment and other income (losses), net 1.0 (8.0 ) (2.7 ) (0.1 ) (9.8 ) Purchases 32.0 0.7 64.3 — 97.0 Sales and settlements (1.2 ) (0.4 ) — (2.5 ) (4.1 ) Deconsolidation — (40.7 ) — — (40.7 ) Foreign exchange revaluation 1.2 0.4 5.6 — 7.2 Balance at December 31, 2019 $ 329.4 $ 83.4 $ 219.9 $ 14.0 $ 646.7 Change in unrealized gains (losses) included in net income relating to assets held at December 31, 2019 $ 1.0 $ (8.0 ) $ (2.7 ) $ 0.3 $ (9.4 ) (in millions) Equity Debt Loans Total for the three months ended December 31, 2018 Balance at October 1, 2018 $ 199.7 $ 118.0 $ 32.3 $ 350.0 Realized and unrealized gains (losses) included in investment and other income (losses), net 11.4 (7.2 ) (1.0 ) 3.2 Purchases 9.7 — 8.2 17.9 Sales and settlements (1.1 ) (6.0 ) (0.3 ) (7.4 ) Transfers into Level 3 0.1 — — 0.1 Transfers out of Level 3 (25.4 ) (3.6 ) — (29.0 ) Foreign exchange revaluation (0.8 ) (0.3 ) — (1.1 ) Balance at December 31, 2018 $ 193.6 $ 100.9 $ 39.2 $ 333.7 Change in unrealized gains (losses) included in net income relating to assets held at December 31, 2018 $ 11.7 $ (1.4 ) $ — $ 10.3
Schedule of valuation techniques and significant unobservable inputs used in Level 3 fair value measurements	Valuation techniques and significant unobservable inputs used in Level 3 fair value measurements were as follows: (in millions) as of December 31, 2019 Fair Value Valuation Technique Significant Unobservable Inputs Range (Weighted Average 1 ) Equity securities $ 148.6 Discounted cash flow Discount rate 4.7%–15.4% (10.8%) Discount for lack of marketability 17.0% 98.5 Market comparable companies Enterprise value/ 4.5–11.8 (8.1) Discount for lack of marketability 15.0%–30.0% (23.1%) Risk premium 18.9% Enterprise value/ 3.7 82.3 Market pricing Private sale pricing $0.24–$87.73 ($24.81) per share Debt securities 74.9 Discounted cash flow Discount rate 4.7%–17.4% (12.1%) Discount for lack of marketability 17.0%–24.7% (22.9%) 8.5 Market comparable companies Price-to-earnings ratio 10.0 Enterprise value/ 22.8 Real estate 134.0 Yield capitalization Equivalent yield 4.3%–6.1% (5.2%) 85.9 Discounted cash flow Discount rate 5.3%–5.4% (5.3%) Loans 14.0 Discounted cash flow Loss-adjusted discount rate 3.0%–23.9% (12.1%) (in millions) as of September 30, 2019 Fair Value Valuation Technique Significant Unobservable Inputs Range (Weighted Average 1 ) Equity securities $ 97.2 Discounted cash flow Discount rate 4.8%–16.3% (10.3%) Discount for lack of marketability 17.0% 176.9 Market comparable companies Enterprise value/ 4.5–11.8 (8.1) Discount for lack of marketability 15.0%–30.0% (23.1%) Risk premium 18.9% Enterprise value/ 3.7 22.3 Market pricing Private sale pricing $0.25–$20.13 ($2.06) per share Debt securities 115.5 Discounted cash flow Discount rate 4.8%–17.4% (9.7%) Discount for lack of marketability 17.0%–24.7% (22.9%) 15.9 Market comparable companies Price-to-earnings ratio 10.0 Enterprise value/ 21.9 Real estate 68.0 Yield capitalization Equivalent yield 4.3%–6.1% (5.4%) 84.7 Discounted cash flow Discount rate 6.4%–7.4% (7.1%) Loans 16.6 Discounted cash flow Loss-adjusted discount rate 3.0%–23.9% (12.0%)
Schedule of financial instruments of CIPs not measured at fair value	Financial instruments of CIPs that were not measured at fair value were as follows: (in millions) Fair Value Level December 31, 2019 September 30, 2019 Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Financial Asset Cash and cash equivalents 1 $ 159.0 $ 159.0 $ 154.2 $ 154.2 Financial Liability Debt 3 $ 99.4 $ 101.2 $ 50.8 $ 51.0
Schedule of contractual maturities for debt of CIPs	The contractual maturities for debt of CIPs at December 31, 2019 were as follows: (in millions) for the fiscal years ending September 30, Amount 2020 (remainder of year) $ 23.3 2021 7.5 2022 — 2023 — 2024 30.1 Thereafter 38.5 Total $ 99.4
Schedule of changes in redeemable noncontrolling interests of CIPs	Changes in redeemable noncontrolling interests of CIPs were as follows: (in millions) for the three months ended December 31, 2019 2018 Balance at beginning of period $ 746.7 $ 1,043.6 Net income (loss) 9.0 (15.4 ) Net subscriptions and other 165.1 22.8 Net deconsolidations (130.4 ) (118.7 ) Balance at End of Period $ 790.4 $ 932.3

Nonconsolidated Variable Inte_2

Nonconsolidated Variable Interest Entities (Tables)	3 Months Ended
	Dec. 31, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of maximum exposure to loss from nonconsolidated VIEs	The Company’s maximum exposure to loss from these VIEs consists of equity investments and investment management and other fee receivables as follows: (in millions) December 31, September 30, Investments $ 467.4 $ 458.1 Receivables 159.2 149.5 Total $ 626.6 $ 607.6

Leases (Tables)

Leases (Tables)	3 Months Ended
	Dec. 31, 2019
Leases [Abstract]
Schedule of lease expenses	Lease expense was as follows: (in millions) Amount for the three months ended December 31, 2019 Operating lease cost 1 $ 13.8 Finance lease cost 0.3 Variable lease cost 2 0.3 Total lease expense $ 14.4
Supplemental cash flow information related to leases	Supplemental cash flow information related to leases was as follows: (in millions) Amount for the three months ended December 31, 2019 Operating cash flows from operating leases included in the measurement of operating lease liabilities $ 13.2 ROU assets obtained in exchange for new operating lease liabilities 8.2
Schedule of maturities of operating lease liabilities	The maturities of the liabilities were as follows: (in millions) Amount for the fiscal years ending September 30, 2020 (remainder of year) $ 39.1 2021 46.8 2022 42.2 2023 41.8 2024 39.2 Thereafter 151.9 Total lease payments 361.0 Less: interest (43.1 ) Operating lease liabilities $ 317.9 As of September 30, 2019 , future minimum lease payments under long-term non-cancelable operating leases were as follows: (in millions) for the fiscal years ending September 30, Amount 2020 $ 49.5 2021 45.3 2022 40.9 2023 39.1 2024 36.7 Thereafter 149.1 Total Minimum Lease Payments $ 360.6
Schedule of operating lease income	The maturities of lease payments due to the Company as of December 31, 2019 were as follows: (in millions) Amount for the fiscal years ending September 30, 2020 (remainder of year) $ 20.8 2021 28.6 2022 25.4 2023 26.0 2024 27.0 Thereafter 93.9 Total $ 221.7

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	3 Months Ended
	Dec. 31, 2019
Share-based Compensation [Abstract]
Summary of stock and stock unit award activity	Stock and stock unit award activity was as follows: (shares in thousands) Time-Based Shares Performance- Based Shares Total Shares Weighted- Average Grant-Date Fair Value for the three months ended December 31, 2019 Nonvested balance at October 1, 2019 3,778 1,854 5,632 $ 34.06 Granted 4,458 118 4,576 27.91 Vested (381 ) (374 ) (755 ) 35.51 Forfeited/canceled (102 ) (524 ) (626 ) 34.48 Nonvested Balance at December 31, 2019 7,753 1,074 8,827 $ 30.72

Other Income (Expenses) (Tables

Other Income (Expenses) (Tables)	3 Months Ended
	Dec. 31, 2019
Other Income and Expenses [Abstract]
Schedule of other income (expenses)	Other income (expenses) consisted of the following: Three Months Ended (in millions) 2019 2018 Investment and Other Income (Losses), Net Dividend income $ 18.6 $ 25.6 Interest income 5.4 9.0 Gains (losses) on investments, net 7.8 (15.8 ) Income (losses) from investments in equity method investees 39.1 (37.6 ) Losses on investments of CIPs, net (8.3 ) (49.0 ) Rental income 7.5 4.9 Foreign currency exchange (losses) gains, net (8.5 ) 4.7 Other, net (2.0 ) (0.9 ) Total 59.6 (59.1 ) Interest Expense (6.7 ) (6.4 ) Other Income (Expenses), Net $ 52.9 $ (65.5 )

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Income (Loss) (Tables)	3 Months Ended
	Dec. 31, 2019
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Schedule of changes in accumulated other comprehensive income (loss) by component	Changes in accumulated other comprehensive income (loss) by component were as follows: (in millions) Currency Unrealized Unrealized Total for the three months ended December 31, 2019 Balance at October 1, 2019 $ (425.4 ) $ (6.2 ) $ — $ (431.6 ) Other comprehensive income (loss) Other comprehensive income (loss) before reclassifications, net of tax 58.1 (0.9 ) (1.9 ) 55.3 Reclassifications to net investment and other income (losses), net of tax (0.1 ) — 0.2 0.1 Total other comprehensive income (loss) 58.0 (0.9 ) (1.7 ) 55.4 Balance at December 31, 2019 $ (367.4 ) $ (7.1 ) $ (1.7 ) $ (376.2 ) (in millions) Currency Unrealized Unrealized Total for the three months ended December 31, 2018 Balance at October 1, 2018 $ (372.9 ) $ (4.2 ) $ 6.5 $ (370.6 ) Adoption of new accounting guidance — — (8.0 ) (8.0 ) Other comprehensive loss Other comprehensive loss before reclassifications, net of tax (14.4 ) (0.4 ) — (14.8 ) Reclassifications to net investment and other income (losses), net of tax (0.2 ) — — (0.2 ) Total other comprehensive loss (14.6 ) (0.4 ) — (15.0 ) Balance at December 31, 2018 $ (387.5 ) $ (4.6 ) $ (1.5 ) $ (393.6 )

New Accounting Guidance - Narra

New Accounting Guidance - Narrative (Details) - USD ($) $ in Millions	Dec. 31, 2019	Oct. 01, 2019	Sep. 30, 2019
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Operating lease right-of-use assets	$ 275.3		$ 0
Operating lease liabilities	$ 317.9		$ 0
ASU 2016-02 [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Operating lease right-of-use assets		$ 274.5
Operating lease liabilities		315.2
Right-of-use asset net of deferred rent		$ 40.7

Earnings per Share - Narrative

Earnings per Share - Narrative (Details) - shares shares in Millions	3 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Earnings Per Share [Abstract]
Shares of nonparticipating nonvested stock unit awards excluded from the calculation of diluted EPS	0.8	0.3

Earnings per Share - Components

Earnings per Share - Components of Basic and Diluted Earnings per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Earnings Per Share Reconciliation [Abstract]
Net income attributable to Franklin Resources, Inc.	$ 350.5	$ 275.9
Less: allocation of earnings to participating nonvested stock and stock unit awards - basic	4.2	2.5
Less: allocation of earnings to participating nonvested stock and stock unit awards - diluted	4.2	2.5
Net Income Available to Common Stockholders - basic	346.3	273.4
Net Income Available to Common Stockholders - diluted	$ 346.3	$ 273.4
Weighted-average shares outstanding – basic	494.7	510.3
Dilutive effect of nonparticipating nonvested stock unit awards	0.6	0.5
Weighted-Average Shares Outstanding – Diluted	495.3	510.8
Earnings per Share [Abstract]
Basic	$ 0.70	$ 0.54
Diluted	$ 0.70	$ 0.54

Revenues - Schedule of Operatin

Revenues - Schedule of Operating Revenues by Geographic Area (Details) - USD ($) $ in Millions		3 Months Ended
		Dec. 31, 2019	Dec. 31, 2018
Disaggregation of Revenue [Line Items]
Not Earned From Contracts With Customers	[1]	$ 23.5	$ 26.1
Other		31.5	29.8
Total		1,412.7	1,411.5
Investment management fees [Member]
Disaggregation of Revenue [Line Items]
Earned From Contracts With Customers		979.7	971.8
Not Earned From Contracts With Customers	[1]	0	0
Sales and distribution fees [Member]
Disaggregation of Revenue [Line Items]
Earned From Contracts With Customers		351.5	354.8
Not Earned From Contracts With Customers	[1]	0	0
Shareholder servicing fees [Member]
Disaggregation of Revenue [Line Items]
Earned From Contracts With Customers		50	55.1
Not Earned From Contracts With Customers	[1]	0	0
Other [Member]
Disaggregation of Revenue [Line Items]
Not Earned From Contracts With Customers	[1]	23.5	26.1
United States [Member]
Disaggregation of Revenue [Line Items]
Earned From Contracts With Customers		856.9	814
United States [Member] | Investment management fees [Member]
Disaggregation of Revenue [Line Items]
Earned From Contracts With Customers		573.1	533.1
United States [Member] | Sales and distribution fees [Member]
Disaggregation of Revenue [Line Items]
Earned From Contracts With Customers		237.4	233
United States [Member] | Shareholder servicing fees [Member]
Disaggregation of Revenue [Line Items]
Earned From Contracts With Customers		40.3	44.9
United States [Member] | Other [Member]
Disaggregation of Revenue [Line Items]
Earned From Contracts With Customers		6.1	3
Luxembourg [Member]
Disaggregation of Revenue [Line Items]
Earned From Contracts With Customers		358.5	380
Luxembourg [Member] | Investment management fees [Member]
Disaggregation of Revenue [Line Items]
Earned From Contracts With Customers		252.5	267.7
Luxembourg [Member] | Sales and distribution fees [Member]
Disaggregation of Revenue [Line Items]
Earned From Contracts With Customers		98.8	104.3
Luxembourg [Member] | Shareholder servicing fees [Member]
Disaggregation of Revenue [Line Items]
Earned From Contracts With Customers		6.9	7.7
Luxembourg [Member] | Other [Member]
Disaggregation of Revenue [Line Items]
Earned From Contracts With Customers		0.3	0.3
Americas Excluding United States [Member]
Disaggregation of Revenue [Line Items]
Earned From Contracts With Customers		89.5	102.2
Americas Excluding United States [Member] | Investment management fees [Member]
Disaggregation of Revenue [Line Items]
Earned From Contracts With Customers		75	85.6
Americas Excluding United States [Member] | Sales and distribution fees [Member]
Disaggregation of Revenue [Line Items]
Earned From Contracts With Customers		14.4	16.6
Americas Excluding United States [Member] | Shareholder servicing fees [Member]
Disaggregation of Revenue [Line Items]
Earned From Contracts With Customers		0.1	0
Americas Excluding United States [Member] | Other [Member]
Disaggregation of Revenue [Line Items]
Earned From Contracts With Customers		0	0
Asia-Pacific [Member]
Disaggregation of Revenue [Line Items]
Earned From Contracts With Customers		60	64.5
Asia-Pacific [Member] | Investment management fees [Member]
Disaggregation of Revenue [Line Items]
Earned From Contracts With Customers		56.7	61.4
Asia-Pacific [Member] | Sales and distribution fees [Member]
Disaggregation of Revenue [Line Items]
Earned From Contracts With Customers		0.5	0.5
Asia-Pacific [Member] | Shareholder servicing fees [Member]
Disaggregation of Revenue [Line Items]
Earned From Contracts With Customers		2.7	2.5
Asia-Pacific [Member] | Other [Member]
Disaggregation of Revenue [Line Items]
Earned From Contracts With Customers		0.1	0.1
Europe, Middle East and Africa, Excluding Luxembourg [Member]
Disaggregation of Revenue [Line Items]
Earned From Contracts With Customers		24.3	24.7
Europe, Middle East and Africa, Excluding Luxembourg [Member] | Investment management fees [Member]
Disaggregation of Revenue [Line Items]
Earned From Contracts With Customers		22.4	24
Europe, Middle East and Africa, Excluding Luxembourg [Member] | Sales and distribution fees [Member]
Disaggregation of Revenue [Line Items]
Earned From Contracts With Customers		0.4	0.4
Europe, Middle East and Africa, Excluding Luxembourg [Member] | Shareholder servicing fees [Member]
Disaggregation of Revenue [Line Items]
Earned From Contracts With Customers		0	0
Europe, Middle East and Africa, Excluding Luxembourg [Member] | Other [Member]
Disaggregation of Revenue [Line Items]
Earned From Contracts With Customers		$ 1.5	$ 0.3
[1]	Consists of interest and dividend income from consolidated investment products.

Investments - Narrative (Detail

Investments - Narrative (Details) $ in Millions	Dec. 31, 2019USD ($)
Investments [Abstract]
Notional value	$ 60

Investments - Summary of Invest

Investments - Summary of Investments (Details) - USD ($) $ in Millions	Dec. 31, 2019	Sep. 30, 2019
Investment Holdings [Line Items]
Equity securities, at fair value	$ 936.4	$ 530
Debt securities, trading	47.5	44.2
Debt securities, available-for-sale	2	4
Total debt securities	49.5	48.2
Investments in equity method investees	970.7	933.4
Other investments	47.1	44.2
Total	2,003.7	1,555.8
Sponsored funds [Member]
Investment Holdings [Line Items]
Equity securities, at fair value	874.7	466.4
Other equity securities [Member]
Investment Holdings [Line Items]
Equity securities, at fair value	$ 61.7	$ 63.6

Fair Value Measurements - Narra

Fair Value Measurements - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Sep. 30, 2019
Fair Value Disclosures [Abstract]
Unfunded commitments	$ 4.8		$ 4.7
Transfers into Level 3 - assets	0	$ 0
Transfers into Level 3 - liabilities	0	$ 0
Nonredeemable Private Debt, Equity, Infrastructure and Real Estate Funds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Alternative Investment	$ 46.4		$ 46.9
Liquidation weighted-average period	1 year 1 month 6 days		1 year 3 months 18 days
Private Debt Fund [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Alternative Investment	$ 47.3		$ 48.6

Fair Value Measurements - Sched

Fair Value Measurements - Schedule of Assets and Liability Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Millions	Dec. 31, 2019	Sep. 30, 2019
Assets [Abstract]
Equity securities, at fair value	$ 936.4	$ 530
Debt securities, trading	47.5	44.2
Debt securities, available-for-sale	2	4
Sponsored funds [Member]
Assets [Abstract]
Equity securities, at fair value	874.7	466.4
Other equity securities [Member]
Assets [Abstract]
Equity securities, at fair value	61.7	63.6
Fair Value, Measurements, Recurring [Member]
Assets [Abstract]
Debt securities, trading	47.5	44.2
Debt securities, available-for-sale	2	4
Life settlement contracts	11.4	11.5
Total Assets Measured at Fair Value	997.3	589.7
Fair Value, Measurements, Recurring [Member] | Sponsored funds [Member]
Assets [Abstract]
Equity securities, at fair value	874.7	466.4
Fair Value, Measurements, Recurring [Member] | Other equity securities [Member]
Assets [Abstract]
Equity securities, at fair value	61.7	63.6
Fair Value, Measurements, Recurring [Member] | Level 1 [Member]
Assets [Abstract]
Debt securities, trading	0	0
Debt securities, available-for-sale	0	0
Life settlement contracts	0	0
Total Assets Measured at Fair Value	819.1	419.6
Fair Value, Measurements, Recurring [Member] | Level 1 [Member] | Sponsored funds [Member]
Assets [Abstract]
Equity securities, at fair value	794.9	397
Fair Value, Measurements, Recurring [Member] | Level 1 [Member] | Other equity securities [Member]
Assets [Abstract]
Equity securities, at fair value	24.2	22.6
Fair Value, Measurements, Recurring [Member] | Level 2 [Member]
Assets [Abstract]
Debt securities, trading	29.6	24.4
Debt securities, available-for-sale	2	4
Life settlement contracts	0	0
Total Assets Measured at Fair Value	42.7	31.6
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | Sponsored funds [Member]
Assets [Abstract]
Equity securities, at fair value	10.6	0
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | Other equity securities [Member]
Assets [Abstract]
Equity securities, at fair value	0.5	3.2
Fair Value, Measurements, Recurring [Member] | Level 3 [Member]
Assets [Abstract]
Debt securities, available-for-sale	0	0
Total Assets Measured at Fair Value	40.2	32.1
Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | Sponsored funds [Member]
Assets [Abstract]
Equity securities, at fair value	0	0
Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | Other equity securities [Member]
Assets [Abstract]
Equity securities, at fair value		0.8
Fair Value, Measurements, Recurring [Member] | NAV as a Practical Expedient [Member]
Assets [Abstract]
Total Assets Measured at Fair Value	95.3	106.4
Fair Value, Measurements, Recurring [Member] | NAV as a Practical Expedient [Member] | Sponsored funds [Member]
Assets [Abstract]
Equity securities, at fair value	69.2	69.4
Fair Value, Measurements, Recurring [Member] | NAV as a Practical Expedient [Member] | Other equity securities [Member]
Assets [Abstract]
Equity securities, at fair value	$ 26.1	$ 37

Fair Value Measurements - Sch_2

Fair Value Measurements - Schedule of Changes in Level 3 Assets and Liability (Details) - Level 3 [Member] - USD ($) $ in Millions	3 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Investments [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance at beginning of period - assets	$ 32.1	$ 32.6
Purchases - assets	12.6	0
Sales - assets	(1.5)	(4.3)
Settlements - assets	(2.7)	0
Transfers out of Level 3 - assets	0	(2.1)
Balance at End of Period - assets	40.2	29
Change in unrealized gains (losses) included in net income relating to assets and liability held at end of period - assets	(0.3)	2.8
Contingent Consideration Liability [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance at beginning of period - liability		(38.7)
Purchases - liability		0
Sales - liability		0
Settlements - liability		0
Transfers out of Level 3 - liability		0
Balance at End of Period - liability		(40)
Change in unrealized gains (losses) included in net income relating to assets and liability held at end of period - liability		(1.3)
Investment and other income (losses) [Member] | Investments [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Total realized and unrealized gains (losses) - assets	(0.3)	2.8
Investment and other income (losses) [Member] | Contingent Consideration Liability [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Total realized and unrealized gains (losses) - liability		0
General, administrative and other expense [Member] | Investments [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Total realized and unrealized gains (losses) - assets	$ 0	0
General, administrative and other expense [Member] | Contingent Consideration Liability [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Total realized and unrealized gains (losses) - liability		$ (1.3)

Fair Value Measurements - Sch_3

Fair Value Measurements - Schedule of Valuation Techniques and Significant Unobservable Inputs used in Level 3 Fair Value Measurements (Details) $ in Millions		3 Months Ended	12 Months Ended
		Dec. 31, 2019USD ($)$ / shares	Sep. 30, 2019USD ($)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Equity securities, at fair value		$ 936.4	$ 530
Debt securities, trading		47.5	44.2
Fair Value, Measurements, Recurring [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt securities, trading		47.5	44.2
Life settlement contracts		11.4	11.5
Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | Discounted cash flow [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt securities, trading		17.9	19.8
Life settlement contracts		$ 11.4	$ 11.5
Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | Discounted cash flow [Member] | Discount rate [Member] | Minimum [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt Securities, Trading, Measurement Input		0.015	0.027
Life settlement contracts		0.100	0.080
Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | Discounted cash flow [Member] | Discount rate [Member] | Maximum [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt Securities, Trading, Measurement Input		0.155	0.133
Life settlement contracts		0.200	0.200
Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | Discounted cash flow [Member] | Discount rate [Member] | Weighted Average [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt Securities, Trading, Measurement Input	[1]	0.068	0.067
Life settlement contracts	[1]	0.134	0.132
Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | Discounted cash flow [Member] | Risk premium [Member] | Minimum [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt Securities, Trading, Measurement Input		0.020	0.020
Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | Discounted cash flow [Member] | Risk premium [Member] | Maximum [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt Securities, Trading, Measurement Input		0.061	0.061
Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | Discounted cash flow [Member] | Risk premium [Member] | Weighted Average [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt Securities, Trading, Measurement Input	[1]	0.038	0.042
Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | Discounted cash flow [Member] | Life expectancy [Member] | Minimum [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Life Settlement Contracts Measurement Input Term		19 months	19 months
Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | Discounted cash flow [Member] | Life expectancy [Member] | Maximum [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Life Settlement Contracts Measurement Input Term		105 months	107 months
Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | Discounted cash flow [Member] | Life expectancy [Member] | Weighted Average [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Life Settlement Contracts Measurement Input Term	[1]	55 months	57 months
Other equity securities [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Equity securities, at fair value		$ 61.7	$ 63.6
Other equity securities [Member] | Fair Value, Measurements, Recurring [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Equity securities, at fair value		61.7	63.6
Other equity securities [Member] | Fair Value, Measurements, Recurring [Member] | Level 3 [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Equity securities, at fair value			$ 0.8
Other equity securities [Member] | Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | Market Pricing [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Equity securities, at fair value		$ 10.9
Other equity securities [Member] | Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | Market Pricing [Member] | Private sale pricing [Member] | Weighted Average [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments, measurement input | $ / shares	[1]	1,000
[1]	Based on the relative fair value of the instruments.

Fair Value Measurements - Sch_4

Fair Value Measurements - Schedule of Financial Instruments not Measured at Fair Value (Details) - USD ($) $ in Millions	Dec. 31, 2019	Sep. 30, 2019	Dec. 31, 2018	Sep. 30, 2018
Financial Assets [Abstract]
Cash and cash equivalents	$ 5,976.3	$ 5,957.6	$ 6,658.9	$ 6,910.6
Other investments	47.1	44.2
Carrying Value [Member]
Financial Assets [Abstract]
Cash and cash equivalents	5,817.3	5,803.4
Time deposits	16.8	15.4
Financial Liability [Abstract]
Debt	697	696.9
Estimated Fair Value [Member] | Level 1 [Member]
Financial Assets [Abstract]
Cash and cash equivalents	5,817.3	5,803.4
Estimated Fair Value [Member] | Level 2 [Member]
Financial Assets [Abstract]
Time deposits	16.8	15.4
Financial Liability [Abstract]
Debt	720.2	718.7
Equity securities [Member] | Carrying Value [Member]
Financial Assets [Abstract]
Other investments	18.9	17.3
Equity securities [Member] | Estimated Fair Value [Member] | Level 3 [Member]
Financial Assets [Abstract]
Other investments	$ 20.7	$ 19.2

Consolidated Investment Produ_3

Consolidated Investment Products - Narrative (Details) $ in Millions	3 Months Ended		12 Months Ended
	Dec. 31, 2019USD ($)CIPs	Dec. 31, 2018USD ($)	Sep. 30, 2019USD ($)CIPs
Consolidated Investment Products [Abstract]
Number of consolidated investment products | CIPs	56		60
Schedule Of Consolidated Investment Products [Line Items]
CIPs' unfunded commitments	$ 4.8		$ 4.7
Transfers into Level 3 - assets	0	$ 0
Debt	$ 697		$ 696.9
Nonredeemable Real Estate and Private Equity Funds [Member]
Schedule Of Consolidated Investment Products [Line Items]
Liquidation weighted-average period	1 year 1 month 6 days		1 year 3 months 18 days
CIPs [Member]
Schedule Of Consolidated Investment Products [Line Items]
CIPs' unfunded commitments	$ 173.5		$ 168.7
Unfunded commitments Company contractually obligated to fund	20.6		20.6
Transfers into Level 3 - assets	0	0.1
Transfers out of Level 3 - assets	0	$ (29)
Debt	$ 99.4		$ 50.8
Effective Interest Rate	3.94%		5.09%
CIPs [Member] | Nonredeemable Real Estate and Private Equity Funds [Member]
Schedule Of Consolidated Investment Products [Line Items]
Liquidation weighted-average period	4 years 3 months 18 days		4 years 4 months 24 days
CIPs [Member] | Minimum [Member]
Schedule Of Consolidated Investment Products [Line Items]
Stated interest rate	1.28%		2.08%
CIPs [Member] | Maximum [Member]
Schedule Of Consolidated Investment Products [Line Items]
Stated interest rate	7.69%		7.94%

Consolidated Investment Produ_4

Consolidated Investment Products - Schedule of Balances of CIPs (Details) - USD ($) $ in Millions	Dec. 31, 2019	Sep. 30, 2019	Dec. 31, 2018	Sep. 30, 2018
Assets [Abstract]
Cash and cash equivalents	$ 5,976.3	$ 5,957.6	$ 6,658.9	$ 6,910.6
Receivables	710.9	740
Investments, at fair value	997.3	589.7
Total Assets	15,001.8	14,532.2
Liabilities [Abstract]
Accounts payable and accrued expenses	194	222.9
Debt	697	696.9
Total liabilities	3,377	3,161.3
Redeemable Noncontrolling Interests	790.4	746.7
Stockholders' Equity [Abstract]
Franklin Resources, Inc.’s interests	10,081.6	9,906.5
Nonredeemable noncontrolling interests	752.8	717.7
Total stockholders’ equity	10,834.4	10,624.2	10,076.7	10,207.9
Total Liabilities, Redeemable Noncontrolling Interests and Stockholders’ Equity	15,001.8	14,532.2
CIPs [Member]
Assets [Abstract]
Cash and cash equivalents	159	154.2
Receivables	76.6	99
Investments, at fair value	2,041.2	2,303.9
Total Assets	2,276.8	2,557.1
Liabilities [Abstract]
Accounts payable and accrued expenses	59	81.5
Debt	99.4	50.8
Total liabilities	158.4	132.3
Redeemable Noncontrolling Interests	790.4	746.7	$ 932.3	$ 1,043.6
Stockholders' Equity [Abstract]
Franklin Resources, Inc.’s interests	760	1,129.6
Nonredeemable noncontrolling interests	568	548.5
Total stockholders’ equity	1,328	1,678.1
Total Liabilities, Redeemable Noncontrolling Interests and Stockholders’ Equity	$ 2,276.8	$ 2,557.1

Consolidated Investment Produ_5

Consolidated Investment Products - Schedule of Balances of Assets and Liabilities of CIPs Measured at Fair Value (Details) - USD ($) $ in Millions	Dec. 31, 2019	Sep. 30, 2019
Assets [Abstract]
Investments, at fair value	$ 997.3	$ 589.7
CIPs [Member]
Assets [Abstract]
Investments, at fair value	2,041.2	2,303.9
Fair Value, Measurements, Recurring [Member]
Assets [Abstract]
Total Assets Measured at Fair Value	997.3	589.7
Fair Value, Measurements, Recurring [Member] | Level 1 [Member]
Assets [Abstract]
Total Assets Measured at Fair Value	819.1	419.6
Fair Value, Measurements, Recurring [Member] | Level 2 [Member]
Assets [Abstract]
Total Assets Measured at Fair Value	42.7	31.6
Fair Value, Measurements, Recurring [Member] | Level 3 [Member]
Assets [Abstract]
Total Assets Measured at Fair Value	40.2	32.1
Fair Value, Measurements, Recurring [Member] | NAV as a Practical Expedient [Member]
Assets [Abstract]
Total Assets Measured at Fair Value	95.3	106.4
Fair Value, Measurements, Recurring [Member] | CIPs [Member]
Assets [Abstract]
Total Assets Measured at Fair Value	2,041.2	2,303.9
Fair Value, Measurements, Recurring [Member] | CIPs [Member] | Level 1 [Member]
Assets [Abstract]
Total Assets Measured at Fair Value	237.9	195.2
Fair Value, Measurements, Recurring [Member] | CIPs [Member] | Level 2 [Member]
Assets [Abstract]
Total Assets Measured at Fair Value	962.3	1,307.5
Fair Value, Measurements, Recurring [Member] | CIPs [Member] | Level 3 [Member]
Assets [Abstract]
Total Assets Measured at Fair Value	646.7	597.1
Fair Value, Measurements, Recurring [Member] | CIPs [Member] | NAV as a Practical Expedient [Member]
Assets [Abstract]
Total Assets Measured at Fair Value	194.3	204.1
Equity securities [Member] | Fair Value, Measurements, Recurring [Member] | CIPs [Member]
Assets [Abstract]
Investments, at fair value	906.6	919.5
Equity securities [Member] | Fair Value, Measurements, Recurring [Member] | CIPs [Member] | Level 1 [Member]
Assets [Abstract]
Investments, at fair value	237.8	195.1
Equity securities [Member] | Fair Value, Measurements, Recurring [Member] | CIPs [Member] | Level 2 [Member]
Assets [Abstract]
Investments, at fair value	145.1	223.9
Equity securities [Member] | Fair Value, Measurements, Recurring [Member] | CIPs [Member] | Level 3 [Member]
Assets [Abstract]
Investments, at fair value	329.4	296.4
Equity securities [Member] | Fair Value, Measurements, Recurring [Member] | CIPs [Member] | NAV as a Practical Expedient [Member]
Assets [Abstract]
Investments, at fair value	194.3	204.1
Debt Securities [Member] | Fair Value, Measurements, Recurring [Member] | CIPs [Member]
Assets [Abstract]
Investments, at fair value	900.7	1,215.1
Debt Securities [Member] | Fair Value, Measurements, Recurring [Member] | CIPs [Member] | Level 1 [Member]
Assets [Abstract]
Investments, at fair value	0.1	0.1
Debt Securities [Member] | Fair Value, Measurements, Recurring [Member] | CIPs [Member] | Level 2 [Member]
Assets [Abstract]
Investments, at fair value	817.2	1,083.6
Debt Securities [Member] | Fair Value, Measurements, Recurring [Member] | CIPs [Member] | Level 3 [Member]
Assets [Abstract]
Investments, at fair value	83.4	131.4
Real Estate [Member] | Fair Value, Measurements, Recurring [Member] | CIPs [Member]
Assets [Abstract]
Investments, at fair value	219.9	152.7
Real Estate [Member] | Fair Value, Measurements, Recurring [Member] | CIPs [Member] | Level 1 [Member]
Assets [Abstract]
Investments, at fair value	0	0
Real Estate [Member] | Fair Value, Measurements, Recurring [Member] | CIPs [Member] | Level 2 [Member]
Assets [Abstract]
Investments, at fair value	0	0
Real Estate [Member] | Fair Value, Measurements, Recurring [Member] | CIPs [Member] | Level 3 [Member]
Assets [Abstract]
Investments, at fair value	219.9	152.7
Loans [Member] | Fair Value, Measurements, Recurring [Member] | CIPs [Member]
Assets [Abstract]
Investments, at fair value	14	16.6
Loans [Member] | Fair Value, Measurements, Recurring [Member] | CIPs [Member] | Level 1 [Member]
Assets [Abstract]
Investments, at fair value	0	0
Loans [Member] | Fair Value, Measurements, Recurring [Member] | CIPs [Member] | Level 2 [Member]
Assets [Abstract]
Investments, at fair value	0	0
Loans [Member] | Fair Value, Measurements, Recurring [Member] | CIPs [Member] | Level 3 [Member]
Assets [Abstract]
Investments, at fair value	$ 14	$ 16.6

Consolidated Investment Produ_6

Consolidated Investment Products - Schedule of Changes in Level 3 Assets of CIPs (Details) - USD ($) $ in Millions	3 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Schedule Of Consolidated Investment Products [Line Items]
Transfers into Level 3	$ 0	$ 0
CIPs [Member]
Schedule Of Consolidated Investment Products [Line Items]
Transfers into Level 3	0	(0.1)
Transfers out of Level 3	0	(29)
CIPs [Member] | Level 3 [Member]
Schedule Of Consolidated Investment Products [Line Items]
Balance at beginning of period - assets	597.1	350
Realized and unrealized gains (losses) included in investment and other income (losses), net	(9.8)	3.2
Purchases	97	17.9
Sales and settlements	(4.1)	(7.4)
Deconsolidation	(40.7)
Transfers into Level 3		(0.1)
Transfers out of Level 3		(29)
Foreign exchange revaluation	7.2	(1.1)
Balance at End of Period - assets	646.7	333.7
Change in unrealized gains (losses) included in net income relating to assets held at December 31, 2019	(9.4)	10.3
CIPs [Member] | Level 3 [Member] | Equity securities [Member]
Schedule Of Consolidated Investment Products [Line Items]
Balance at beginning of period - assets	296.4	199.7
Realized and unrealized gains (losses) included in investment and other income (losses), net	1	11.4
Purchases	32	9.7
Sales and settlements	(1.2)	(1.1)
Deconsolidation	0
Transfers into Level 3		(0.1)
Transfers out of Level 3		(25.4)
Foreign exchange revaluation	1.2	(0.8)
Balance at End of Period - assets	329.4	193.6
Change in unrealized gains (losses) included in net income relating to assets held at December 31, 2019	1	11.7
CIPs [Member] | Level 3 [Member] | Debt Securities [Member]
Schedule Of Consolidated Investment Products [Line Items]
Balance at beginning of period - assets	131.4	118
Realized and unrealized gains (losses) included in investment and other income (losses), net	(8)	(7.2)
Purchases	0.7	0
Sales and settlements	(0.4)	(6)
Deconsolidation	(40.7)
Transfers into Level 3		0
Transfers out of Level 3		(3.6)
Foreign exchange revaluation	0.4	(0.3)
Balance at End of Period - assets	83.4	100.9
Change in unrealized gains (losses) included in net income relating to assets held at December 31, 2019	(8)	(1.4)
CIPs [Member] | Level 3 [Member] | Real Estate [Member]
Schedule Of Consolidated Investment Products [Line Items]
Balance at beginning of period - assets	152.7
Realized and unrealized gains (losses) included in investment and other income (losses), net	(2.7)
Purchases	64.3
Sales and settlements	0
Deconsolidation	0
Foreign exchange revaluation	5.6
Balance at End of Period - assets	219.9
Change in unrealized gains (losses) included in net income relating to assets held at December 31, 2019	(2.7)
CIPs [Member] | Level 3 [Member] | Loans [Member]
Schedule Of Consolidated Investment Products [Line Items]
Balance at beginning of period - assets	16.6	32.3
Realized and unrealized gains (losses) included in investment and other income (losses), net	(0.1)	(1)
Purchases	0	8.2
Sales and settlements	(2.5)	(0.3)
Deconsolidation	0
Transfers into Level 3		0
Transfers out of Level 3		0
Foreign exchange revaluation	0	0
Balance at End of Period - assets	14	39.2
Change in unrealized gains (losses) included in net income relating to assets held at December 31, 2019	$ 0.3	$ 0

Consolidated Investment Produ_7

Consolidated Investment Products - Schedule of Valuation Techniques and Significant Unobservable Inputs used in Level 3 Fair Value Measurements (Details) $ in Millions		Dec. 31, 2019USD ($)$ / shares	Sep. 30, 2019USD ($)$ / shares
Schedule Of Consolidated Investment Products [Line Items]
Investments, at fair value		$ 997.3	$ 589.7
CIPs [Member]
Schedule Of Consolidated Investment Products [Line Items]
Investments, at fair value		$ 2,041.2	2,303.9
Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | Equity securities [Member] | Market Pricing [Member] | Private sale pricing [Member] | Weighted Average [Member]
Schedule Of Consolidated Investment Products [Line Items]
Investments, measurement input | $ / shares	[1]	1,000
Fair Value, Measurements, Recurring [Member] | CIPs [Member] | Equity securities [Member]
Schedule Of Consolidated Investment Products [Line Items]
Investments, at fair value		$ 906.6	919.5
Fair Value, Measurements, Recurring [Member] | CIPs [Member] | Debt Securities [Member]
Schedule Of Consolidated Investment Products [Line Items]
Investments, at fair value		900.7	1,215.1
Fair Value, Measurements, Recurring [Member] | CIPs [Member] | Real Estate [Member]
Schedule Of Consolidated Investment Products [Line Items]
Investments, at fair value		219.9	152.7
Fair Value, Measurements, Recurring [Member] | CIPs [Member] | Loans [Member]
Schedule Of Consolidated Investment Products [Line Items]
Investments, at fair value		14	16.6
Fair Value, Measurements, Recurring [Member] | CIPs [Member] | Level 3 [Member] | Equity securities [Member]
Schedule Of Consolidated Investment Products [Line Items]
Investments, at fair value		329.4	296.4
Fair Value, Measurements, Recurring [Member] | CIPs [Member] | Level 3 [Member] | Equity securities [Member] | Discounted cash flow [Member]
Schedule Of Consolidated Investment Products [Line Items]
Investments, at fair value		$ 148.6	$ 97.2
Fair Value, Measurements, Recurring [Member] | CIPs [Member] | Level 3 [Member] | Equity securities [Member] | Discounted cash flow [Member] | Discount rate [Member] | Minimum [Member]
Schedule Of Consolidated Investment Products [Line Items]
Investments, measurement input		0.047	0.048
Fair Value, Measurements, Recurring [Member] | CIPs [Member] | Level 3 [Member] | Equity securities [Member] | Discounted cash flow [Member] | Discount rate [Member] | Maximum [Member]
Schedule Of Consolidated Investment Products [Line Items]
Investments, measurement input		0.154	0.163
Fair Value, Measurements, Recurring [Member] | CIPs [Member] | Level 3 [Member] | Equity securities [Member] | Discounted cash flow [Member] | Discount rate [Member] | Weighted Average [Member]
Schedule Of Consolidated Investment Products [Line Items]
Investments, measurement input	[2]	0.108	0.103
Fair Value, Measurements, Recurring [Member] | CIPs [Member] | Level 3 [Member] | Equity securities [Member] | Discounted cash flow [Member] | Discount for lack of marketability [Member] | Weighted Average [Member]
Schedule Of Consolidated Investment Products [Line Items]
Investments, measurement input	[2]	0.170	0.170
Fair Value, Measurements, Recurring [Member] | CIPs [Member] | Level 3 [Member] | Equity securities [Member] | Market comparable companies [Member]
Schedule Of Consolidated Investment Products [Line Items]
Investments, at fair value		$ 98.5	$ 176.9
Fair Value, Measurements, Recurring [Member] | CIPs [Member] | Level 3 [Member] | Equity securities [Member] | Market comparable companies [Member] | Discount for lack of marketability [Member] | Minimum [Member]
Schedule Of Consolidated Investment Products [Line Items]
Investments, measurement input		0.150	0.150
Fair Value, Measurements, Recurring [Member] | CIPs [Member] | Level 3 [Member] | Equity securities [Member] | Market comparable companies [Member] | Discount for lack of marketability [Member] | Maximum [Member]
Schedule Of Consolidated Investment Products [Line Items]
Investments, measurement input		0.300	0.300
Fair Value, Measurements, Recurring [Member] | CIPs [Member] | Level 3 [Member] | Equity securities [Member] | Market comparable companies [Member] | Discount for lack of marketability [Member] | Weighted Average [Member]
Schedule Of Consolidated Investment Products [Line Items]
Investments, measurement input	[2]	0.231	0.231
Fair Value, Measurements, Recurring [Member] | CIPs [Member] | Level 3 [Member] | Equity securities [Member] | Market comparable companies [Member] | EBITDA multiple [Member] | Minimum [Member]
Schedule Of Consolidated Investment Products [Line Items]
Investments, measurement input		4.5	4.5
Fair Value, Measurements, Recurring [Member] | CIPs [Member] | Level 3 [Member] | Equity securities [Member] | Market comparable companies [Member] | EBITDA multiple [Member] | Maximum [Member]
Schedule Of Consolidated Investment Products [Line Items]
Investments, measurement input		11.8	11.8
Fair Value, Measurements, Recurring [Member] | CIPs [Member] | Level 3 [Member] | Equity securities [Member] | Market comparable companies [Member] | EBITDA multiple [Member] | Weighted Average [Member]
Schedule Of Consolidated Investment Products [Line Items]
Investments, measurement input	[2]	8.1	8.1
Fair Value, Measurements, Recurring [Member] | CIPs [Member] | Level 3 [Member] | Equity securities [Member] | Market comparable companies [Member] | Risk premium [Member] | Weighted Average [Member]
Schedule Of Consolidated Investment Products [Line Items]
Investments, measurement input	[2]	0.189	0.189
Fair Value, Measurements, Recurring [Member] | CIPs [Member] | Level 3 [Member] | Equity securities [Member] | Market comparable companies [Member] | Revenue multiple [Member] | Weighted Average [Member]
Schedule Of Consolidated Investment Products [Line Items]
Investments, measurement input	[2]	3.7	3.7
Fair Value, Measurements, Recurring [Member] | CIPs [Member] | Level 3 [Member] | Equity securities [Member] | Market Pricing [Member]
Schedule Of Consolidated Investment Products [Line Items]
Investments, at fair value		$ 82.3	$ 22.3
Fair Value, Measurements, Recurring [Member] | CIPs [Member] | Level 3 [Member] | Equity securities [Member] | Market Pricing [Member] | Private sale pricing [Member] | Minimum [Member]
Schedule Of Consolidated Investment Products [Line Items]
Investments, measurement input | $ / shares		0.24	0.25
Fair Value, Measurements, Recurring [Member] | CIPs [Member] | Level 3 [Member] | Equity securities [Member] | Market Pricing [Member] | Private sale pricing [Member] | Maximum [Member]
Schedule Of Consolidated Investment Products [Line Items]
Investments, measurement input | $ / shares		87.73	20.13
Fair Value, Measurements, Recurring [Member] | CIPs [Member] | Level 3 [Member] | Equity securities [Member] | Market Pricing [Member] | Private sale pricing [Member] | Weighted Average [Member]
Schedule Of Consolidated Investment Products [Line Items]
Investments, measurement input | $ / shares	[2]	24.81	2.06
Fair Value, Measurements, Recurring [Member] | CIPs [Member] | Level 3 [Member] | Debt Securities [Member]
Schedule Of Consolidated Investment Products [Line Items]
Investments, at fair value		$ 83.4	$ 131.4
Fair Value, Measurements, Recurring [Member] | CIPs [Member] | Level 3 [Member] | Debt Securities [Member] | Discounted cash flow [Member]
Schedule Of Consolidated Investment Products [Line Items]
Investments, at fair value		$ 74.9	$ 115.5
Fair Value, Measurements, Recurring [Member] | CIPs [Member] | Level 3 [Member] | Debt Securities [Member] | Discounted cash flow [Member] | Discount rate [Member] | Minimum [Member]
Schedule Of Consolidated Investment Products [Line Items]
Investments, measurement input		0.047	0.048
Fair Value, Measurements, Recurring [Member] | CIPs [Member] | Level 3 [Member] | Debt Securities [Member] | Discounted cash flow [Member] | Discount rate [Member] | Maximum [Member]
Schedule Of Consolidated Investment Products [Line Items]
Investments, measurement input		0.174	0.174
Fair Value, Measurements, Recurring [Member] | CIPs [Member] | Level 3 [Member] | Debt Securities [Member] | Discounted cash flow [Member] | Discount rate [Member] | Weighted Average [Member]
Schedule Of Consolidated Investment Products [Line Items]
Investments, measurement input	[2]	0.121	0.097
Fair Value, Measurements, Recurring [Member] | CIPs [Member] | Level 3 [Member] | Debt Securities [Member] | Discounted cash flow [Member] | Discount for lack of marketability [Member] | Minimum [Member]
Schedule Of Consolidated Investment Products [Line Items]
Investments, measurement input		0.170	0.170
Fair Value, Measurements, Recurring [Member] | CIPs [Member] | Level 3 [Member] | Debt Securities [Member] | Discounted cash flow [Member] | Discount for lack of marketability [Member] | Maximum [Member]
Schedule Of Consolidated Investment Products [Line Items]
Investments, measurement input		0.247	0.247
Fair Value, Measurements, Recurring [Member] | CIPs [Member] | Level 3 [Member] | Debt Securities [Member] | Discounted cash flow [Member] | Discount for lack of marketability [Member] | Weighted Average [Member]
Schedule Of Consolidated Investment Products [Line Items]
Investments, measurement input	[2]	0.229	0.229
Fair Value, Measurements, Recurring [Member] | CIPs [Member] | Level 3 [Member] | Debt Securities [Member] | Market comparable companies [Member]
Schedule Of Consolidated Investment Products [Line Items]
Investments, at fair value		$ 8.5	$ 15.9
Fair Value, Measurements, Recurring [Member] | CIPs [Member] | Level 3 [Member] | Debt Securities [Member] | Market comparable companies [Member] | EBITDA multiple [Member] | Weighted Average [Member]
Schedule Of Consolidated Investment Products [Line Items]
Investments, measurement input	[2]	22.8	21.9
Fair Value, Measurements, Recurring [Member] | CIPs [Member] | Level 3 [Member] | Debt Securities [Member] | Market comparable companies [Member] | Price-to-earnings ratio [Member] | Weighted Average [Member]
Schedule Of Consolidated Investment Products [Line Items]
Investments, measurement input	[2]	10	10
Fair Value, Measurements, Recurring [Member] | CIPs [Member] | Level 3 [Member] | Real Estate [Member]
Schedule Of Consolidated Investment Products [Line Items]
Investments, at fair value		$ 219.9	$ 152.7
Fair Value, Measurements, Recurring [Member] | CIPs [Member] | Level 3 [Member] | Real Estate [Member] | Discounted cash flow [Member]
Schedule Of Consolidated Investment Products [Line Items]
Investments, at fair value		$ 85.9	$ 84.7
Fair Value, Measurements, Recurring [Member] | CIPs [Member] | Level 3 [Member] | Real Estate [Member] | Discounted cash flow [Member] | Discount rate [Member] | Minimum [Member]
Schedule Of Consolidated Investment Products [Line Items]
Investments, measurement input		0.053	0.064
Fair Value, Measurements, Recurring [Member] | CIPs [Member] | Level 3 [Member] | Real Estate [Member] | Discounted cash flow [Member] | Discount rate [Member] | Maximum [Member]
Schedule Of Consolidated Investment Products [Line Items]
Investments, measurement input		0.054	0.074
Fair Value, Measurements, Recurring [Member] | CIPs [Member] | Level 3 [Member] | Real Estate [Member] | Discounted cash flow [Member] | Discount rate [Member] | Weighted Average [Member]
Schedule Of Consolidated Investment Products [Line Items]
Investments, measurement input	[2]	0.053	0.071
Fair Value, Measurements, Recurring [Member] | CIPs [Member] | Level 3 [Member] | Real Estate [Member] | Yield Capitalization Valuation Technique [Member]
Schedule Of Consolidated Investment Products [Line Items]
Investments, at fair value		$ 134	$ 68
Fair Value, Measurements, Recurring [Member] | CIPs [Member] | Level 3 [Member] | Real Estate [Member] | Yield Capitalization Valuation Technique [Member] | Equivalent yield [Member] | Minimum [Member]
Schedule Of Consolidated Investment Products [Line Items]
Investments, measurement input		0.043	0.043
Fair Value, Measurements, Recurring [Member] | CIPs [Member] | Level 3 [Member] | Real Estate [Member] | Yield Capitalization Valuation Technique [Member] | Equivalent yield [Member] | Maximum [Member]
Schedule Of Consolidated Investment Products [Line Items]
Investments, measurement input		0.061	0.061
Fair Value, Measurements, Recurring [Member] | CIPs [Member] | Level 3 [Member] | Real Estate [Member] | Yield Capitalization Valuation Technique [Member] | Equivalent yield [Member] | Weighted Average [Member]
Schedule Of Consolidated Investment Products [Line Items]
Investments, measurement input	[2]	0.052	0.054
Fair Value, Measurements, Recurring [Member] | CIPs [Member] | Level 3 [Member] | Loans [Member]
Schedule Of Consolidated Investment Products [Line Items]
Investments, at fair value		$ 14	$ 16.6
Fair Value, Measurements, Recurring [Member] | CIPs [Member] | Level 3 [Member] | Loans [Member] | Discounted cash flow [Member]
Schedule Of Consolidated Investment Products [Line Items]
Investments, at fair value		$ 14	$ 16.6
Fair Value, Measurements, Recurring [Member] | CIPs [Member] | Level 3 [Member] | Loans [Member] | Discounted cash flow [Member] | Loss-adjusted discount rate [Member] | Minimum [Member]
Schedule Of Consolidated Investment Products [Line Items]
Investments, measurement input		0.030	0.030
Fair Value, Measurements, Recurring [Member] | CIPs [Member] | Level 3 [Member] | Loans [Member] | Discounted cash flow [Member] | Loss-adjusted discount rate [Member] | Maximum [Member]
Schedule Of Consolidated Investment Products [Line Items]
Investments, measurement input		0.239	0.239
Fair Value, Measurements, Recurring [Member] | CIPs [Member] | Level 3 [Member] | Loans [Member] | Discounted cash flow [Member] | Loss-adjusted discount rate [Member] | Weighted Average [Member]
Schedule Of Consolidated Investment Products [Line Items]
Investments, measurement input	[2]	0.121	0.120
[1]	Based on the relative fair value of the instruments.
[2]	Based on the relative fair value of the instruments.

Consolidated Investment Produ_8

Consolidated Investment Products - Schedule of Financial Instruments of CIPs not Measured at Fair Value (Details) - USD ($) $ in Millions	Dec. 31, 2019	Sep. 30, 2019	Dec. 31, 2018	Sep. 30, 2018
Financial Assets [Abstract]
Cash and cash equivalents	$ 5,976.3	$ 5,957.6	$ 6,658.9	$ 6,910.6
Financial Liability [Abstract]
Debt	697	696.9
CIPs [Member]
Financial Assets [Abstract]
Cash and cash equivalents	159	154.2
Financial Liability [Abstract]
Debt	99.4	50.8
Carrying Value [Member]
Financial Assets [Abstract]
Cash and cash equivalents	5,817.3	5,803.4
Carrying Value [Member] | CIPs [Member]
Financial Assets [Abstract]
Cash and cash equivalents	159	154.2
Financial Liability [Abstract]
Debt	99.4	50.8
Estimated Fair Value [Member] | Level 1 [Member]
Financial Assets [Abstract]
Cash and cash equivalents	5,817.3	5,803.4
Estimated Fair Value [Member] | CIPs [Member] | Level 1 [Member]
Financial Assets [Abstract]
Cash and cash equivalents	159	154.2
Estimated Fair Value [Member] | CIPs [Member] | Level 3 [Member]
Financial Liability [Abstract]
Debt	$ 101.2	$ 51

Consolidated Investment Produ_9

Consolidated Investment Products Consolidated Investment Products - Schedule of Contractual Maturities for Debt of CIPs (Details) - USD ($) $ in Millions	Dec. 31, 2019	Sep. 30, 2019
Schedule Of Consolidated Investment Products [Line Items]
Total	$ 697	$ 696.9
CIPs [Member]
Schedule Of Consolidated Investment Products [Line Items]
2020 (remainder of year)	23.3
2021	7.5
2022	0
2023	0
2024	30.1
Thereafter	38.5
Total	$ 99.4

Consolidated Investment Prod_10

Consolidated Investment Products - Schedule of Redeemable Noncontrolling Interest of CIPs (Details) - USD ($) $ in Millions	3 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Temporary Equity [Line Items]
Balance at beginning of period	$ 746.7
Net income (loss)	9	$ (15.4)
Net subscriptions and other	28.2	23.1
Net deconsolidations	(0.7)
Balance at End of Period	790.4
CIPs [Member]
Temporary Equity [Line Items]
Balance at beginning of period	746.7	1,043.6
Net income (loss)	9	(15.4)
Balance at End of Period	790.4	932.3
CIPs [Member] | Redeemable Noncontrolling Interests [Member]
Temporary Equity [Line Items]
Net subscriptions and other	165.1	22.8
Net deconsolidations	$ (130.4)	$ (118.7)

Nonconsolidated Variable Inte_3

Nonconsolidated Variable Interest Entities - Schedule of Maximum Exposure to Loss (Details) - Nonconsolidated VIEs [Member] - USD ($) $ in Millions	Dec. 31, 2019	Sep. 30, 2019
Variable Interest Entity [Line Items]
Maximum exposure to loss	$ 626.6	$ 607.6
Investments [Member]
Variable Interest Entity [Line Items]
Maximum exposure to loss	467.4	458.1
Receivables [Member]
Variable Interest Entity [Line Items]
Maximum exposure to loss	$ 159.2	$ 149.5

Leases Leases - Narrative (Deta

Leases Leases - Narrative (Details)	3 Months Ended
	Dec. 31, 2019
Leases [Abstract]
Operating Lease, Weighted Average Remaining Lease Term	8 years 9 months 18 days
Operating Lease, Weighted Average Discount Rate, Percent	2.80%
Lessor Operating Lease Weighted Average Remaining Lease Term	7 years 9 months 18 days

Leases - Lease Expenses (Detail

Leases - Lease Expenses (Details) $ in Millions	3 Months Ended
	Dec. 31, 2019USD ($)
Lease, Cost [Abstract]
Operating lease cost	$ 13.8	[1]
Finance lease cost	0.3
Variable lease costs	0.3	[2]
Total lease expense	$ 14.4
[1]	Substantially all is included in occupancy expense.
[2]	Consists of operating lease payments.

Leases Leases - Cash Flow Suppl

Leases Leases - Cash Flow Supplemental Disclosure (Details) $ in Millions	3 Months Ended
	Dec. 31, 2019USD ($)
Supplemental Cash Flow Information [Abstract]
Operating cash flows from operating leases included in the measurement of operating lease liabilities	$ 13.2
ROU assets obtained in exchange for new operating lease liabilities	$ 8.2

Leases - Operating Lease Liabil

Leases - Operating Lease Liability Maturities (Details) - USD ($) $ in Millions	Dec. 31, 2019	Sep. 30, 2019
Leases [Abstract]
2020 (remainder of year)	$ 39.1	$ 49.5
2021	46.8	45.3
2022	42.2	40.9
2023	41.8	39.1
2024	39.2	36.7
Thereafter	151.9	149.1
Total lease payments	361	360.6
Less: interest	43.1
Operating lease liabilities	$ 317.9	$ 0

Leases - Lessor Operating Lease

Leases - Lessor Operating Lease Payments To Be Received Maturities (Details) $ in Millions	Dec. 31, 2019USD ($)
Leases [Abstract]
2020 (remainder of year)	$ 20.8
2021	28.6
2022	25.4
2023	26
2024	27
Thereafter	93.9
Total	$ 221.7

Stock-Based Compensation - Narr

Stock-Based Compensation - Narrative (Details) $ in Millions	3 Months Ended
	Dec. 31, 2019USD ($)
Share-based Compensation [Abstract]
Unrecognized compensation expense related to nonvested stock and stock unit awards	$ 218
Remaining weighted-average vesting period	2 years 2 months 12 days

Stock-Based Compensation - Summ

Stock-Based Compensation - Summary of Stock and Stock Unit Award Activity (Details) shares in Thousands	3 Months Ended
	Dec. 31, 2019$ / sharesshares
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Nonvested balance at October 1, 2019	5,632
Granted	4,576
Vested	(755)
Forfeited/canceled	(626)
Nonvested Balance at December 31, 2019	8,827
Nonvested beginning balance, Weighted Average Grant Date Fair Value | $ / shares	$ 34.06
Weighted Average Grant Date Fair Value of shares granted | $ / shares	27.91
Weighted Average Grant Date Fair Value of shares vested | $ / shares	35.51
Weighted Average Grant Date Fair Value of shares forfeited/canceled | $ / shares	34.48
Nonvested ending balance, Weighted Average Grant Date Fair Value | $ / shares	$ 30.72
Time-Based Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Nonvested balance at October 1, 2019	3,778
Granted	4,458
Vested	(381)
Forfeited/canceled	(102)
Nonvested Balance at December 31, 2019	7,753
Performance-Based Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Nonvested balance at October 1, 2019	1,854
Granted	118
Vested	(374)
Forfeited/canceled	(524)
Nonvested Balance at December 31, 2019	1,074

Other Income (Expenses) - Narra

Other Income (Expenses) - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Other Income and Expenses [Abstract]
Proceeds from the sale of available-for-sale securities	$ 1
Net gains (losses) recognized on equity securities measured at fair value and trading debt securities	5.9	$ (12.1)
Net gains (losses) recognized on investment securities of CIPs	$ 14.8	$ (31.2)

Other Income (Expenses) - Sched

Other Income (Expenses) - Schedule of Other Income (Expense) (Details) - USD ($) $ in Millions	3 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Other Income and Expenses [Abstract]
Dividend income	$ 18.6	$ 25.6
Interest income	5.4	9
Income (losses) from investments in equity method investees	39.1	(37.6)
Rental income	7.5	4.9
Foreign currency exchange (losses) gains, net	(8.5)	4.7
Other, net	(2)	(0.9)
Total	59.6	(59.1)
Interest Expense	(6.7)	(6.4)
Other Income (Expenses), Net	52.9	(65.5)
Schedule Of Consolidated Investment Products [Line Items]
Gains (losses) on investments, net	7.8	(15.8)
CIPs [Member]
Schedule Of Consolidated Investment Products [Line Items]
Gains (losses) on investments, net	$ (8.3)	$ (49)

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Income (Loss) - Changes in Accumulated Other Comprehensive Income (Loss) by Component (Details) - USD ($) $ in Millions	3 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Oct. 01, 2018
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance at beginning of period	$ (431.6)	$ (370.6)
Other comprehensive income (loss) before reclassifications, net of tax	55.3	(14.8)
Reclassifications to net investment and other income (losses), net of tax	0.1	(0.2)
Total other comprehensive income (loss)	55.4	(15)
Balance at end of period	(376.2)	(393.6)
ASU 2016-01 [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Adoption of new accounting guidance			$ (8)
Currency Translation Adjustments [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance at beginning of period	(425.4)	(372.9)
Other comprehensive income (loss) before reclassifications, net of tax	58.1	(14.4)
Reclassifications to net investment and other income (losses), net of tax	(0.1)	(0.2)
Total other comprehensive income (loss)	58	(14.6)
Balance at end of period	(367.4)	(387.5)
Unrealized Losses on Defined Benefit Plans [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance at beginning of period	(6.2)	(4.2)
Other comprehensive income (loss) before reclassifications, net of tax	(0.9)	(0.4)
Reclassifications to net investment and other income (losses), net of tax	0	0
Total other comprehensive income (loss)	(0.9)	(0.4)
Balance at end of period	(7.1)	(4.6)
Unrealized Gains (Losses) on Investments [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance at beginning of period	0	6.5
Other comprehensive income (loss) before reclassifications, net of tax	(1.9)	0
Reclassifications to net investment and other income (losses), net of tax	0.2	0
Total other comprehensive income (loss)	(1.7)	0
Balance at end of period	$ (1.7)	$ (1.5)
Unrealized Gains (Losses) on Investments [Member] | ASU 2016-01 [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Adoption of new accounting guidance			$ (8)