Franklin Resources (BEN) 10-Q 28 Jul 20 2020 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Jun. 30, 2020	Jul. 21, 2020
Document And Entity Information [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2020
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	Q3
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		495,356,614

Consolidated Statements of Inco

Consolidated Statements of Income - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Operating Revenues
Other	$ 32.2	$ 37.1	$ 97.3	$ 92.7
Total operating revenues	1,188.1	1,476.7	3,939.1	4,322
Operating Expenses
Sales, distribution and marketing	368.6	462.4	1,236.4	1,356.3
Compensation and benefits	386.5	437.7	1,141.6	1,202.3
Information systems and technology	62.1	65.7	186.4	188.7
Occupancy	31.5	32.2	100.4	94.8
General, administrative and other	85.7	103.8	271.8	314
Total operating expenses	934.4	1,101.8	2,936.6	3,156.1
Operating Income	253.7	374.9	1,002.5	1,165.9
Other Income (Expenses)
Investment and other income (losses), net	22.9	44.2	(166.5)	103.8
Interest expense	(6.8)	(5.6)	(17.7)	(17.7)
Other income (expenses), net	16.1	38.6	(184.2)	86.1
Income before taxes	269.8	413.5	818.3	1,252
Taxes on income	16.1	158.9	157.7	355.8
Net income	253.7	254.6	660.6	896.2
Less: net income (loss) attributable to
Redeemable noncontrolling interests	31.3	0.1	11.8	6.2
Nonredeemable noncontrolling interests	(68)	8.6	(71.2)	0.7
Net Income Attributable to Franklin Resources, Inc.	$ 290.4	$ 245.9	$ 720	$ 889.3
Earnings per Share
Basic	$ 0.58	$ 0.48	$ 1.44	$ 1.74
Diluted	$ 0.58	$ 0.48	$ 1.44	$ 1.74
Investment management fees [Member]
Operating Revenues
Operating revenues	$ 809.2	$ 1,019.4	$ 2,697.1	$ 2,983.6
Sales and distribution fees [Member]
Operating Revenues
Operating revenues	302.1	367.5	995.3	1,080.8
Shareholder servicing fees [Member]
Operating Revenues
Operating revenues	$ 44.6	$ 52.7	$ 149.4	$ 164.9

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Statement of Comprehensive Income [Abstract]
Net Income	$ 253.7	$ 254.6	$ 660.6	$ 896.2
Other Comprehensive Income (Loss)
Currency translation adjustments, net of tax	26.1	1.9	(18.4)	(4.8)
Net unrealized gains (losses) on defined benefit plans, net of tax	0	0.1	(0.2)	(1)
Net unrealized gains (losses) on investments, net of tax	(0.1)	3.6	0.1	3.5
Total other comprehensive income (loss)	26	5.6	(18.5)	(2.3)
Total comprehensive income	279.7	260.2	642.1	893.9
Less: comprehensive income (loss) attributable to
Redeemable noncontrolling interests	31.3	0.1	11.8	6.2
Nonredeemable noncontrolling interests	(68)	8.6	(71.2)	0.7
Comprehensive Income Attributable to Franklin Resources, Inc.	$ 316.4	$ 251.5	$ 701.5	$ 887

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Millions	Jun. 30, 2020	Sep. 30, 2019
Assets
Cash and cash equivalents	$ 6,975.9	$ 5,957.6
Receivables	810.3	740
Investments	1,135	1,555.8
Investments, at fair value	572.1	589.7
Property and equipment, net	705.2	683.7
Goodwill	2,190.7	2,130.3
Intangible assets, net	904.1	864.2
Operating lease right-of-use assets	258.5	0
Other	245.5	197.7
Total Assets	15,617	14,532.2
Liabilities
Compensation and benefits	439.8	502.4
Accounts payable and accrued expenses	187.3	222.9
Dividends	142.8	137.4
Commissions	212	254
Income taxes	747.3	824.7
Debt	697.2	696.9
Deferred taxes	77.2	120.1
Operating lease liabilities	300.6	0
Other	255.1	270.6
Total liabilities	3,899.5	3,161.3
Commitments and Contingencies (Note 10)
Redeemable Noncontrolling Interests	713.8	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; 495,369,948 and 499,303,269 shares issued and outstanding at June 30, 2020 and September 30, 2019	49.5	49.9
Retained earnings	10,514.8	10,288.2
Accumulated other comprehensive loss	(450.1)	(431.6)
Total Franklin Resources, Inc. stockholders’ equity	10,114.2	9,906.5
Nonredeemable noncontrolling interests	889.5	717.7
Total stockholders’ equity	11,003.7	10,624.2
Total Liabilities, Redeemable Noncontrolling Interests and Stockholders’ Equity	15,617	14,532.2
CIPs [Member]
Assets
Cash and cash equivalents	617.2	154.2
Receivables	117.5	99
Investments, at fair value	2,274.3	2,303.9
Total Assets	3,009	2,557.1
Liabilities
Accounts payable and accrued expenses	154.6	81.5
Debt	685.6	50.8
Other	1.9	0
Total liabilities	842.1	132.3
Redeemable Noncontrolling Interests	713.8	746.7
Stockholders’ Equity
Total Franklin Resources, Inc. stockholders’ equity	734.5	1,129.6
Nonredeemable noncontrolling interests	718.6	548.5
Total stockholders’ equity	1,453.1	1,678.1
Total Liabilities, Redeemable Noncontrolling Interests and Stockholders’ Equity	3,009	2,557.1
Franklin Resources, Inc. [Member]
Assets
Cash and cash equivalents	$ 6,358.7	$ 5,803.4

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Jun. 30, 2020	Sep. 30, 2019
Statement of Financial Position [Abstract]
Investments, at fair value	$ 572.1	$ 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	495,369,948	499,303,269
Common stock, shares outstanding	495,369,948	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				275.9		275.9
Nonredeemable noncontrolling interests							(0.5)
Net income	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, 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	889.3
Nonredeemable noncontrolling interests	0.7
Other comprehensive income (loss)	(2.3)
Ending balance - Shares at Jun. 30, 2019		504.1
Ending balance at Jun. 30, 2019		$ 50.4	0	10,241.5	(380.9)	9,911
Ending balance at Jun. 30, 2019							654.8
Ending balance at Jun. 30, 2019	10,565.8
Beginning balance - Shares at Dec. 31, 2018		511.5
Beginning balance at Dec. 31, 2018		$ 51.1	0	10,087.9	(393.6)	9,745.4
Beginning balance at Dec. 31, 2018							331.3
Beginning balance at Dec. 31, 2018	10,076.7
Stockholders' Equity [Roll Forward]
Net income				367.5		367.5
Nonredeemable noncontrolling interests							(7.4)
Net income	360.1
Other comprehensive income (loss)	7.1				7.1	7.1
Dividends declared on common stock	(132.6)			(132.6)		(132.6)
Repurchase of common stock - Shares		(4.6)
Repurchase of common stock - Amount	(144.7)	$ (0.4)	(41)	(103.3)		(144.7)
Issuance of common stock - Shares		0.8
Issuance of common stock - Amount	13.4	$ 0.1	13.3			13.4
Stock-based compensation	27.7		27.7			27.7
Net subscriptions and other	51						51
Consolidation (Deconsolidation) of investment products	24.3						24.3
Acquisition	216.1						216.1
Ending balance - Shares at Mar. 31, 2019		507.7
Ending balance at Mar. 31, 2019		$ 50.8	0	10,219.5	(386.5)	9,883.8
Ending balance at Mar. 31, 2019							615.3
Ending balance at Mar. 31, 2019	10,499.1
Stockholders' Equity [Roll Forward]
Net income	245.9			245.9		245.9
Nonredeemable noncontrolling interests	8.6						8.6
Net income	254.5
Other comprehensive income (loss)	5.6				5.6	5.6
Dividends declared on common stock	(131.7)			(131.7)		(131.7)
Repurchase of common stock - Shares		(3.6)
Repurchase of common stock - Amount	(121.3)	$ (0.4)	(28.7)	(92.2)		(121.3)
Issuance of common stock - Amount	0.6		0.6			0.6
Stock-based compensation	28.1		28.1			28.1
Net subscriptions and other	30.9						30.9
Ending balance - Shares at Jun. 30, 2019		504.1
Ending balance at Jun. 30, 2019		$ 50.4	0	10,241.5	(380.9)	9,911
Ending balance at Jun. 30, 2019							654.8
Ending balance at Jun. 30, 2019	10,565.8
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				350.5		350.5
Nonredeemable noncontrolling interests							(11.4)
Net income	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
Consolidation (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		$ 49.8	0	10,408	(376.2)	10,081.6
Ending balance at Dec. 31, 2019							752.8
Ending balance at Dec. 31, 2019	10,834.4
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	720
Nonredeemable noncontrolling interests	(71.2)
Other comprehensive income (loss)	(18.5)
Ending balance - Shares at Jun. 30, 2020		495.4
Ending balance at Jun. 30, 2020	10,114.2	$ 49.5	0	10,514.8	(450.1)	10,114.2
Ending balance at Jun. 30, 2020	889.5						889.5
Ending balance at Jun. 30, 2020	11,003.7
Beginning balance - Shares at Dec. 31, 2019		497.6
Beginning balance at Dec. 31, 2019		$ 49.8	0	10,408	(376.2)	10,081.6
Beginning balance at Dec. 31, 2019							752.8
Beginning balance at Dec. 31, 2019	10,834.4
Stockholders' Equity [Roll Forward]
Net income				79.1		79.1
Nonredeemable noncontrolling interests							8.2
Net income	87.3
Other comprehensive income (loss)	(99.9)				(99.9)	(99.9)
Dividends declared on common stock	(134.6)			(134.6)		(134.6)
Repurchase of common stock - Shares		(2.9)
Repurchase of common stock - Amount	(64.6)	$ (0.4)	(41.7)	(22.5)		(64.6)
Issuance of common stock - Shares		0.6
Issuance of common stock - Amount	16	$ 0.1	15.9			16
Stock-based compensation	25.8		25.8			25.8
Net subscriptions and other	89.7						89.7
Consolidation (Deconsolidation) of investment products	(0.6)						(0.6)
Ending balance - Shares at Mar. 31, 2020		495.3
Ending balance at Mar. 31, 2020		$ 49.5	0	10,330	(476.1)	9,903.4
Ending balance at Mar. 31, 2020							850.1
Ending balance at Mar. 31, 2020	10,753.5
Stockholders' Equity [Roll Forward]
Net income	290.4			290.4		290.4
Nonredeemable noncontrolling interests	(68)						(68)
Net income	222.4
Other comprehensive income (loss)	26				26	26
Dividends declared on common stock	(134.6)			(134.6)		(134.6)
Repurchase of common stock - Shares		0
Repurchase of common stock - Amount	(0.1)	$ 0	(29.1)	(29)		(0.1)
Issuance of common stock - Shares		0.1
Issuance of common stock - Amount	1	$ 0	1			1
Stock-based compensation	28.1		28.1			28.1
Net subscriptions and other	107.4						107.4
Ending balance - Shares at Jun. 30, 2020		495.4
Ending balance at Jun. 30, 2020	10,114.2	$ 49.5	$ 0	$ 10,514.8	$ (450.1)	$ 10,114.2
Ending balance at Jun. 30, 2020	889.5						$ 889.5
Ending balance at Jun. 30, 2020	$ 11,003.7

Consolidated Statements of St_2

Consolidated Statements of Stockholders' Equity (Parenthetical) - $ / shares	3 Months Ended
	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018
Statement of Stockholders' Equity [Abstract]
Dividends declared per share	$ 0.27	$ 0.27	$ 0.27	$ 0.26	$ 0.26	$ 0.26

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Millions	9 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Net cash provided by operating activities
Net Income	$ 660.6	$ 896.2
Adjustments to reconcile net income to net cash provided by operating activities:
Amortization of deferred sales commissions	60.1	60.1
Depreciation and other amortization	72.4	67.4
Stock-based compensation	86.9	88.1
Losses (income) from investments in equity method investees	110.3	(15.1)
Gain on swap agreements	(8.9)	0
Net losses on investments of consolidated investment products	103	15.5
Net purchase of investments by consolidated investment products	(616.2)	(1,047.6)
Deferred income taxes	(34.5)	(1.5)
Other	10.5	27.1
Changes in operating assets and liabilities:
Decrease (increase) in receivables and other assets	50.9	(11.5)
Increase in receivables of consolidated investment products	(52.9)	(17.1)
Decrease in investments, net	323.5	116.2
Decrease in operating lease right-of-use assets	21.2	0
Increase (decrease) in accrued compensation and benefits	(61)	43.2
Decrease in commissions payable	(42)	(34.5)
Decrease in income taxes payable	(73.7)	(184.7)
Increase (decrease) in accounts payable, accrued expenses and other liabilities	(44.6)	104.1
Increase in accounts payable and accrued expenses of consolidated investment products	100.8	63.4
Decrease in operating lease liabilities	(19.8)	0
Net cash provided by operating activities	646.6	169.3
Net cash provided by (used in) investing activities
Purchase of investments	(416.9)	(262.3)
Liquidation of investments	529.3	195.2
Purchase of investments by consolidated collateralized loan obligations	(325.4)	0
Liquidation of investments by consolidated collateralized loan obligations	105.4	0
Issuance of loans receivable, net	(57.4)	0
Additions of property and equipment, net	(85.3)	(202.6)
Acquisitions, net of cash acquired	(81.8)	(684.2)
Net consolidation (deconsolidation) of investment products	601.2	(54.9)
Net cash provided by (used in) investing activities	269.1	(1,008.8)
Net cash provided by (used in) financing activities
Issuance of common stock	12.1	12.8
Dividends paid on common stock	(399.1)	(387.5)
Repurchase of common stock	(188.3)	(589.8)
Proceeds from loan	0.2	1.7
Payments on loan	(0.4)	(1.2)
Proceeds from debt of consolidated investment products	206.5	0
Payments on debt by consolidated investment products	(1)	(1)
Payments on contingent consideration liability	(0.1)	(20.4)
Noncontrolling interests	466.5	683.4
Net cash provided by (used in) financing activities	96.4	(302)
Effect of exchange rate changes on cash and cash equivalents	6.2	(11.5)
Increase (decrease) in cash and cash equivalents	1,018.3	(1,153)
Cash and cash equivalents, beginning of period	5,957.6	6,910.6
Cash and Cash Equivalents, End of Period	6,975.9	5,757.6
Supplemental Disclosure of Cash Flow Information
Cash paid for income taxes	266.8	414.9
Cash paid for interest	12.2	16.5
Cash paid for interest by consolidated investment products	$ 1.5	$ 1.7

Significant Accounting Policies

Significant Accounting Policies	9 Months Ended
	Jun. 30, 2020
Accounting Policies [Abstract]
Significant Accounting Policies	Significant Accounting Policies 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 (“U.S. GAAP”) 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 June 30, 2020 . Use of Estimates The Company’s consolidated financial statements and accompanying notes are prepared in accordance with U.S. GAAP, which require the use of estimates, judgments and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the periods presented. Global concerns about the novel coronavirus (“COVID-19”) pandemic have adversely affected, and we expect will continue to adversely affect, our business, financial condition and results of operations including the estimates and assumptions made by management. Significant estimates and assumptions made relate to, among other things, valuations for certain investments which are carried at fair value including those of consolidated investment products, the review of goodwill and intangible assets for impairment, and the calculation of income taxes. Actual results could differ from the estimates, and such differences may be material to the Company’s consolidated financial statements. Other Significant Accounting Policies At June 30, 2020 , there were no material changes in the other significant accounting policies as reported in the Company’s Form 10-K for fiscal year 2019 .

New Accounting Guidance

New Accounting Guidance	9 Months Ended
	Jun. 30, 2020
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 The FASB issued new guidance for the accounting for credit losses in June 2016. The new guidance requires the application of a current expected credit loss model for financial assets measured at amortized cost, including receivables, and an allowance for credit loss model for available-for-sale debt securities. The guidance is effective for the Company on October 1, 2020 and requires a cumulative effect adjustment to retained earnings at adoption. While the Company’s implementation efforts are ongoing, it does not expect adoption of the guidance to have a significant impact on its consolidated financial statements; however, this could be affected by additional facts and circumstances identified during implementation. 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	9 Months Ended
	Jun. 30, 2020
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 Nine Months Ended 2020 2019 2020 2019 Net income attributable to Franklin Resources, Inc. $ 290.4 $ 245.9 $ 720.0 $ 889.3 Less: allocation of earnings to participating nonvested stock and stock unit awards 4.2 2.6 9.7 8.8 Net Income Available to Common Stockholders $ 286.2 $ 243.3 $ 710.3 $ 880.5 Weighted-average shares outstanding – basic 490.4 501.6 492.2 505.6 Dilutive effect of nonparticipating nonvested stock unit awards 0.3 0.7 0.5 0.5 Weighted-Average Shares Outstanding – Diluted 490.7 502.3 492.7 506.1 Earnings per Share Basic $ 0.58 $ 0.48 $ 1.44 $ 1.74 Diluted 0.58 0.48 1.44 1.74 Nonparticipating nonvested stock unit awards excluded from the calculation of diluted earnings per share because their effect would have been antidilutive were 0.5 million for the three and nine months ended June 30, 2020 , and 0.2 million for the three and nine months ended June 30, 2019 .

Revenues

Revenues	9 Months Ended
	Jun. 30, 2020
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 $ 488.7 $ 203.3 $ 58.5 $ 41.3 $ 17.4 $ — $ 809.2 Sales and distribution fees 205.4 83.9 11.9 0.7 0.2 — 302.1 Shareholder servicing fees 37.0 5.9 — 1.7 — — 44.6 Other 4.8 0.3 — 0.1 — 27.0 32.2 Total $ 735.9 $ 293.4 $ 70.4 $ 43.8 $ 17.6 $ 27.0 $ 1,188.1 Earned From Contracts With Customers Not Earned From Contracts With Customers 1 Total (in millions) United States Luxembourg Americas Excluding United States Asia-Pacific Europe, Middle East and Africa, Excluding Luxembourg for the nine months ended Investment management fees $ 1,590.7 $ 691.9 $ 201.7 $ 151.4 $ 61.4 $ — $ 2,697.1 Sales and distribution fees 675.1 277.5 39.6 2.2 0.9 — 995.3 Shareholder servicing fees 123.1 19.4 0.2 6.7 — — 149.4 Other 16.9 0.9 — 0.4 1.5 77.6 97.3 Total $ 2,405.8 $ 989.7 $ 241.5 $ 160.7 $ 63.8 $ 77.6 $ 3,939.1 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 $ 585.7 $ 269.6 $ 79.3 $ 62.3 $ 22.5 $ — $ 1,019.4 Sales and distribution fees 240.4 111.1 15.5 0.2 0.3 — 367.5 Shareholder servicing fees 42.3 7.7 — 2.7 — — 52.7 Other 6.1 0.3 — 0.1 2.3 28.3 37.1 Total $ 874.5 $ 388.7 $ 94.8 $ 65.3 $ 25.1 $ 28.3 $ 1,476.7 Earned From Contracts With Customers Not Earned From Contracts With Customers 1 Total (in millions) United States Luxembourg Americas Excluding United States Asia-Pacific Europe, Middle East and Africa, Excluding Luxembourg for the nine months ended Investment management fees $ 1,684.4 $ 800.7 $ 247.8 $ 180.6 $ 70.1 $ — $ 2,983.6 Sales and distribution fees 702.0 328.9 47.9 0.9 1.1 — 1,080.8 Shareholder servicing fees 134.3 22.8 0.1 7.7 — — 164.9 Other 13.3 0.9 — 0.4 2.7 75.4 92.7 Total $ 2,534.0 $ 1,153.3 $ 295.8 $ 189.6 $ 73.9 $ 75.4 $ 4,322.0 __________________ 1 Consists of revenues of 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	9 Months Ended
	Jun. 30, 2020
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) June 30, September 30, Equity securities, at fair value Sponsored funds $ 396.6 $ 466.4 Other equity securities 130.1 63.6 Total equity securities, at fair value 526.7 530.0 Debt securities Trading 43.6 44.2 Available-for-sale 1.8 4.0 Total debt securities 45.4 48.2 Investments in equity method investees 470.2 933.4 Other investments 92.7 44.2 Total $ 1,135.0 $ 1,555.8 In December 2019 and May 2020, the Company entered into swap agreements with an aggregate notional value of $260.0 million to economically hedge against changes in the value of certain investments. These swaps are measured at fair value with changes in the fair value recognized in earnings. The Company recognized losses of $20.2 million and gains of $8.9 million on the swaps during the three and nine months ended June 30, 2020 . At June 30, 2020 , a single swap with a notional value of $60.0 million remains outstanding with a fair value of $22.3 million which is included in other assets. The Company recognized other-than-temporary impairment of $5.0 million and $7.1 million in earnings during the three and nine months ended June 30, 2020 , and $8.5 million during the three and nine months ended June 30, 2019 .

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Jun. 30, 2020
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 and liabilities measured at fair value on a recurring basis were as follows: (in millions) Level 1 Level 2 Level 3 NAV as a Practical Expedient Total as of June 30, 2020 Assets Equity securities, at fair value Sponsored funds $ 338.0 $ — $ — $ 58.6 $ 396.6 Other equity securities 10.4 10.8 0.8 108.1 130.1 Debt securities Trading — 26.4 17.2 — 43.6 Available-for-sale — 1.8 — 1.8 Derivative asset — 22.3 — — 22.3 Total Assets Measured at Fair Value $ 348.4 $ 61.3 $ 18.0 $ 166.7 $ 594.4 Liabilities Contingent consideration liabilities $ — $ — $ 24.4 $ — $ 24.4 (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, and a derivative swap asset for which the fair value is based on third-party pricing models which utilize inputs that are readily available in the market. 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 a redeemable global equity fund and nonredeemable private debt, equity, infrastructure and real estate funds. The redeemable global equity fund investment of $85.1 million at June 30, 2020 can be redeemed monthly. The investments in nonredeemable funds 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 $41.4 million with an expected weighted-average life of 0.6 years at June 30, 2020 , 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 $39.5 million and $48.6 million at June 30, 2020 and September 30, 2019 is unknown. The Company’s unfunded commitments to the funds totaled $4.8 million and $4.7 million at June 30, 2020 and September 30, 2019 . The fair value of the contingent consideration liabilities was primarily determined using a Monte Carlo pricing model based on estimated future revenue assumptions. Changes in the Level 3 assets and liabilities were as follows: 2020 2019 (in millions) Investments Contingent Investments for the three months ended June 30, Balance at beginning of period $ 27.7 $ (7.6 ) $ 33.9 Acquisitions — (16.7 ) — Total realized and unrealized gains (losses) Included in investment and other income (losses), net 0.8 — 2.7 Included in general, administrative and other expense — (0.2 ) — Purchases 2.3 — 3.7 Sales (10.5 ) — (0.4 ) Settlements (2.3 ) 0.1 (2.5 ) Transfers out of Level 3 — — (5.0 ) Balance at End of Period $ 18.0 $ (24.4 ) $ 32.4 Change in unrealized gains (losses) included in net income relating to assets and liabilities held at end of period $ 0.1 $ (0.2 ) $ 0.4 2020 2019 (in millions) Investments Contingent Investments Contingent for the nine months ended June 30, Balance at beginning of period $ 32.1 $ — $ 32.6 $ (38.7 ) Acquisitions — (24.3 ) — — Total realized and unrealized gains (losses) Included in investment and other income (losses), net 0.1 — 6.3 — Included in general, administrative and other expense — (0.2 ) — (2.0 ) Purchases 14.9 — 8.7 — Sales (14.0 ) — (4.7 ) — Settlements (5.1 ) 0.1 (3.4 ) 40.7 Consolidation of investment product (10.0 ) — — — Transfers out of Level 3 — — (7.1 ) — Balance at End of Period $ 18.0 $ (24.4 ) $ 32.4 $ — Change in unrealized gains (losses) included in net income relating to assets and liabilities held at end of period $ (0.9 ) $ (0.2 ) $ 3.4 $ — There were no transfers into Level 3 during the nine months ended June 30, 2020 and 2019 . Valuation techniques and significant unobservable inputs used in the Level 3 fair value measurements were as follows: (in millions) as of June 30, 2020 Fair Value Valuation Technique Significant Unobservable Inputs Range (Weighted Average 1 ) Debt securities, trading $ 17.2 Discounted cash flow Discount rate 0.6%–30.3% (6.7%) Risk premium 2.0%–9.7% (5.1%) Contingent consideration liabilities 24.4 Monte Carlo pricing model Revenue discount rate 6.0%–13.0% (9.5%) (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 discounted cash flow valuations and Monte Carlo pricing model were independently higher (lower) as of June 30, 2020 , the resulting fair value of the assets and liabilities would be lower (higher). Financial instruments that were not measured at fair value were as follows: (in millions) Fair Value Level June 30, 2020 September 30, 2019 Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Financial Assets Cash and cash equivalents 1 $ 6,358.7 $ 6,358.7 $ 5,803.4 $ 5,803.4 Other investments Time deposits 2 16.6 16.6 15.4 15.4 Equity securities 3 76.1 81.7 17.3 19.2 Loans receivable 3 58.0 58.0 — — Financial Liability Debt 2 $ 697.2 $ 747.1 $ 696.9 $ 718.7

Consolidated Investment Product

Consolidated Investment Products	9 Months Ended
	Jun. 30, 2020
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 and collateralized loan obligations (“CLOs”), all of which are sponsored by the Company, and include both voting interest entities and variable interest entities. CLOs are asset-backed financing entities collateralized by a pool of corporate loans. The Company had 58 CIPs, including three CLOs, as of June 30, 2020 and 60 CIPs, none of which were CLOs, as of September 30, 2019 . The balances related to CIPs included in the Company’s consolidated balance sheets were as follows: (in millions) June 30, September 30, Assets Cash and cash equivalents $ 617.2 $ 154.2 Receivables 117.5 99.0 Investments, at fair value 2,274.3 2,303.9 Total Assets $ 3,009.0 $ 2,557.1 Liabilities Accounts payable and accrued expenses $ 154.6 $ 81.5 Debt 685.6 50.8 Other liabilities 1.9 — Total liabilities 842.1 132.3 Redeemable Noncontrolling Interests 713.8 746.7 Stockholders ’ Equity Franklin Resources, Inc.’s interests 734.5 1,129.6 Nonredeemable noncontrolling interests 718.6 548.5 Total stockholders’ equity 1,453.1 1,678.1 Total Liabilities, Redeemable Noncontrolling Interests and Stockholders ’ Equity $ 3,009.0 $ 2,557.1 The CIPs did not have a significant impact on net income attributable to the Company during the three and nine months ended June 30, 2020 and 2019 . 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. The Company consolidates CLOs in which the Company is the primary beneficiary. The Company is the primary beneficiary of a CLO if the Company has the power to direct the activities that most significantly impact the CLO ’ s economic performance and the obligation to absorb losses of, or right to receive benefits from, the CLO that could potentially be significant to the CLO. Fair Value Measurements Assets and liabilities 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 June 30, 2020 Assets Cash and cash equivalents of CLOs $ 22.2 $ — $ — $ — $ 22.2 Receivables of CLOs — 2.1 — — 2.1 Investments Equity securities $ 186.2 $ 71.7 $ 393.6 $ 239.8 $ 891.3 Debt securities 1.5 395.0 85.0 — 481.5 Loans — 588.3 8.9 — 597.2 Real estate — — 304.3 — 304.3 Total Assets Measured at Fair Value $ 209.9 $ 1,057.1 $ 791.8 $ 239.8 $ 2,298.6 Liabilities Other liabilities $ 1.8 $ 0.1 $ — $ — $ 1.9 (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 Loans — — 16.6 — 16.6 Real estate — — 152.7 — 152.7 Total Assets Measured at Fair Value $ 195.2 $ 1,307.5 $ 597.1 $ 204.1 $ 2,303.9 Level 1 assets consist of cash and cash equivalents of CLOs which primarily consist of investments in a money market fund for which the fair value is based on its published NAV, and equity securities for which the fair values are based on quoted market prices. Level 2 assets consist of receivables of CLOs which consist primarily of investment trades pending settlement, debt and equity securities, and loans, the fair values for which 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 4.7 years and 4.4 years at June 30, 2020 and September 30, 2019 . The CIPs’ unfunded commitments to these funds totaled $94.0 million and $168.7 million , of which the Company was contractually obligated to fund $11.3 million and $20.6 million based on its ownership percentage in the CIPs, at June 30, 2020 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 June 30, 2020 Balance at April 1, 2020 $ 351.6 $ 80.9 $ 288.0 $ 11.0 $ 731.5 Realized and unrealized gains (losses) included in investment and other income (losses), net (26.0 ) 2.3 (0.4 ) (0.4 ) (24.5 ) Purchases 120.5 2.6 12.1 — 135.2 Sales and settlements (50.3 ) (1.2 ) — (1.7 ) (53.2 ) Transfers out of Level 3 — (0.1 ) — — (0.1 ) Foreign exchange revaluation (2.2 ) 0.5 4.6 — 2.9 Balance at June 30, 2020 $ 393.6 $ 85.0 $ 304.3 $ 8.9 $ 791.8 Change in unrealized gains (losses) included in net income relating to assets held at June 30, 2020 $ (25.1 ) $ 2.3 $ (0.4 ) $ (0.4 ) $ (23.6 ) (in millions) Equity Debt Real Estate Loans Total for the nine months ended June 30, 2020 Balance at October 1, 2019 $ 296.4 $ 131.4 $ 152.7 $ 16.6 $ 597.1 Realized and unrealized losses included in investment and other income (losses), net (36.0 ) (12.0 ) (1.3 ) (1.8 ) (51.1 ) Purchases 188.9 6.9 153.7 — 349.5 Sales and settlements (53.6 ) (2.3 ) — (5.9 ) (61.8 ) Deconsolidation — (40.7 ) — — (40.7 ) Transfers into Level 3 — 2.2 — — 2.2 Transfers out of Level 3 — (1.1 ) — — (1.1 ) Foreign exchange revaluation (2.1 ) 0.6 (0.8 ) — (2.3 ) Balance at June 30, 2020 $ 393.6 $ 85.0 $ 304.3 $ 8.9 $ 791.8 Change in unrealized losses included in net income relating to assets held at June 30, 2020 $ (35.1 ) $ (12.0 ) $ (1.3 ) $ (1.8 ) $ (50.2 ) (in millions) Equity Debt Real Estate Loans Total for the three months ended June 30, 2019 Balance at April 1, 2019 $ 257.6 $ 131.7 $ 29.1 $ 38.4 $ 456.8 Realized and unrealized gains (losses) included in investment and other income (losses), net 0.5 8.6 (0.2 ) (0.7 ) 8.2 Purchases 38.8 — — 1.0 39.8 Sales (29.4 ) — — (13.8 ) (43.2 ) Foreign exchange revaluation 0.1 0.3 0.2 — 0.6 Balance at June 30, 2019 $ 267.6 $ 140.6 $ 29.1 $ 24.9 $ 462.2 Change in unrealized gains (losses) included in net income relating to assets held at June 30, 2019 $ (13.3 ) $ 8.8 $ (0.2 ) $ — $ (4.7 ) (in millions) Equity Debt Real Estate Loans Total for the nine months ended June 30, 2019 Balance at October 1, 2018 $ 199.7 $ 118.0 $ — $ 32.3 $ 350.0 Acquisition 45.2 39.7 — — 84.9 Realized and unrealized gains (losses) included in investment and other income (losses), net 7.4 (2.4 ) 3.2 (2.2 ) 6.0 Purchases 74.2 9.4 25.6 9.2 118.4 Sales and settlements (30.8 ) (20.2 ) — (14.4 ) (65.4 ) Transfers into Level 3 0.1 — — — 0.1 Transfers out of Level 3 (25.4 ) (3.6 ) — — (29.0 ) Foreign exchange revaluation (2.8 ) (0.3 ) 0.3 — (2.8 ) Balance at June 30, 2019 $ 267.6 $ 140.6 $ 29.1 $ 24.9 $ 462.2 Change in unrealized gains (losses) included in net income relating to assets held at June 30, 2019 $ (6.3 ) $ 4.9 $ 3.2 $ (0.8 ) $ 1.0 There were no transfers into or out of Level 3 during the three months ended June 30, 2019 . Valuation techniques and significant unobservable inputs used in Level 3 fair value measurements were as follows: (in millions) as of June 30, 2020 Fair Value Valuation Technique Significant Unobservable Inputs Range (Weighted Average 1 ) Equity securities $ 157.9 Discounted cash flow Discount rate 3.4%–30.0% (11.3%) Discount for lack of marketability 17.0% 128.3 Market comparable companies Enterprise value/ 6.8–19.1 (10.0) Discount for lack of marketability 20.0%–25.2% (21.9%) Risk premium 14.3%–55.0% (31.5%) Enterprise value/ 7.5 Price to earnings ratio 11.0 Price to book value ratio 0.9 107.4 Market pricing Private sale pricing $0.12–$60.06 ($9.00) per share Debt securities 75.1 Discounted cash flow Discount rate 3.4%–17.8% (11.3%) Discount for lack of marketability 17.0% Risk premium 6.5% 9.9 Market comparable companies Price to earnings ratio 10.0 Enterprise value/ 15.5 Real estate 201.9 Discounted cash flow Discount rate 4.5%–6.0% (5.1%) 102.4 Yield capitalization Equivalent yield 4.2%–6.1% (5.2%) Loans 8.9 Discounted cash flow Loss-adjusted discount rate 0.0%–26.5% (12.8%) (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 84.7 Discounted cash flow Discount rate 6.4%–7.4% (7.1%) 68.0 Yield capitalization Equivalent yield 4.3%–6.1% (5.4%) 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 June 30, 2020 , 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 June 30, 2020 , 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 June 30, 2020 September 30, 2019 Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Financial Asset Cash and cash equivalents 1 $ 595.0 $ 595.0 $ 154.2 $ 154.2 Financial Liabilities Debt of CLOs 2 $ 537.3 $ 548.0 $ — $ — Other debt 3 148.3 151.2 50.8 51.0 Debt Debt of CIPs consisted of the following: June 30, 2020 September 30, 2019 (in millions) Amount Weighted- Average Effective Interest Rate Amount Weighted- Debt of CLOs $ 537.3 3.61% $ — N/A Other debt 148.3 3.08% 50.8 5.09% Total $ 685.6 $ 50.8 The debt of CLOs is measured primarily based on the fair value of the assets of the CLOs less the fair value of the Company’s own economic interests in the CLOs. The debt of CLOs had floating interest rates based on LIBOR ranging from 3.01% to 8.72% at June 30, 2020 . The other debt had fixed and floating interest rates based on LIBOR ranging from 1.00% to 6.31% at June 30, 2020 , and from 2.08% to 7.94% at September 30, 2019 . The contractual maturities for debt of CIPs at June 30, 2020 were as follows: (in millions) for the fiscal years ending September 30, Amount 2020 (remainder of year) $ 23.3 2021 146.4 2022 — 2023 — 2024 32.8 Thereafter 483.1 Total $ 685.6 Redeemable Noncontrolling Interests Changes in redeemable noncontrolling interests of CIPs were as follows: (in millions) for the nine months ended June 30, 2020 2019 Balance at beginning of period $ 746.7 $ 1,043.6 Net income 11.8 6.2 Net subscriptions and other 241.2 578.4 Net deconsolidations (285.9 ) (821.7 ) Balance at End of Period $ 713.8 $ 806.5 Collateralized Loan Obligations The Company recognized $2.1 million and $2.3 million of net losses during the three and nine months ended June 30, 2020 related to its own economic interests in the CLOs. The unpaid principal balance and fair value of the investments of CLOs as of June 30, 2020 were as follows: (in millions) Amount Unpaid principal balance $ 679.7 Difference between unpaid principal balance and fair value (91.4 ) Fair Value $ 588.3 Investments 90 days or more past due were immaterial at June 30, 2020 . The unpaid principal balance of the debt of CLOs was $613.3 million at June 30, 2020 .

Nonconsolidated Variable Intere

Nonconsolidated Variable Interest Entities	9 Months Ended
	Jun. 30, 2020
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, investment management and other fee receivables, and loans and related interest receivable as follows: (in millions) June 30, September 30, Investments $ 347.9 $ 458.1 Receivables 137.6 149.5 Loans receivable 58.0 — Total $ 543.5 $ 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. In April 2020 , the Company authorized loans aggregating up to 5.0 billion Indian Rupees (approximately $66.2 million ) to certain sponsored funds in India that had experienced increased liquidity risks and redemptions and have since been closed pursuant to a wind-up determination. The loans have a fixed interest rate of 8.0% per annum, are secured by the funds’ assets and are due upon demand. At June 30, 2020 , the loans have an aggregate outstanding balance of $58.0 million , and the remaining authorization available is approximately $4.8 million . The Company did not provide financial or other support to its sponsored funds during the six months ended March 31, 2020 or fiscal year 2019 .

Leases

Leases	9 Months Ended
	Jun. 30, 2020
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 8.6 years as of June 30, 2020 , 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: Three Months Ended Nine Months Ended (in millions) Operating lease cost 1 $ 14.5 $ 42.6 Finance lease cost 0.1 0.4 Variable lease cost 2 — 0.5 Total lease expense $ 14.6 $ 43.5 __________________ 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 nine months ended June 30, 2020 Operating cash flows from operating leases included in the measurement of operating lease liabilities $ 36.8 ROU assets obtained in exchange for new/modified operating lease liabilities 10.9 The weighted-average discount rate for the operating lease liabilities as of June 30, 2020 was 2.9% . The maturities of the liabilities were as follows: (in millions) Amount for the fiscal years ending September 30, 2020 (remainder of year) $ 12.7 2021 47.9 2022 45.4 2023 42.8 2024 38.9 Thereafter 155.8 Total lease payments 343.5 Less: interest (42.9 ) Operating lease liabilities $ 300.6 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 7.4 years as of June 30, 2020 , and generally include one or more options to renew. The maturities of lease payments due to the Company as of June 30, 2020 were as follows: (in millions) Amount for the fiscal years ending September 30, 2020 (remainder of year) $ 8.1 2021 31.0 2022 28.0 2023 28.0 2024 29.0 Thereafter 99.3 Total $ 223.4

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Jun. 30, 2020
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Pending Acquisition of Legg Mason, Inc. On February 17, 2020 , the Company entered into an agreement to acquire Legg Mason, Inc. (“Legg Mason”). Under the merger agreement, the Company will acquire each outstanding share of Legg Mason common stock for $50 per share in an all-cash transaction, with an estimated aggregate purchase consideration and additional related obligations and fees of approximately $4.7 billion , and assume approximately $2 billion of Legg Mason’s outstanding debt. The merger was approved by the stockholders of Legg Mason on May 15, 2020 . On July 17, 2020 , the Company issued a joint press release with Legg Mason announcing that all conditions to the closing of the merger had been satisfied and the transaction is expected to close on July 31, 2020 , subject to Legg Mason’s continued compliance in all material respects with its covenants under the merger agreement. The Company deposited the merger consideration in a third-party escrow account on July 17, 2020 , with the funds to be released upon closing of the merger. Legal Proceedings India Credit Fund Closure Matters . Effective April 24, 2020, a subsidiary of Franklin, Franklin Templeton Trustee Services Private Limited (“FTTS”), announced its decision to wind-up six fixed income mutual fund schemes of the Franklin Templeton Mutual Fund in India (referred to herein as the “Funds”) and, as required by law, took action to convene a Fund unitholder meeting to approve the liquidation plan. Certain Fund unitholders and an industry group subsequently commenced multiple writ petition actions in India (some of which have since been dismissed) challenging the wind-up of the Funds and alleging that the Company respondents violated various regulations of the Securities and Exchange Board of India (“SEBI”), mismanaged the Funds, mispresented or omitted certain information relating to the Funds, and engaged in other alleged misconduct. The pending petitions were filed on May 22, 2020 in the High Court of Gujarat and the High Court of Madras, and on June 3, 2020 in the High Court of Delhi, and name as respondents one or more of Franklin, its subsidiaries Templeton International, Inc., FTTS, Franklin Templeton Asset Management (India) Private Limited (“FTAMI”), and certain individual directors, officers, and employees of FTAMI (collectively, the “Company Respondents”), as well as SEBI and other governmental authorities. The petitioners seek a wide range of relief, including, among other items, an order quashing the wind-up notice and blocking the unitholder vote, initiating various investigations into the Company Respondents, and allowing the petitioners to redeem their investments with interest. On June 3, 2020, the High Court of Gujarat granted an ex parte interim injunction order staying the operation and implementation of the unitholder voting process. The Company Respondents and SEBI filed separate appeals to the Supreme Court of India and the Division Bench of the High Court of Gujarat, and the Company Respondents also filed an application to transfer all pending petitions to a single court. On June 19, 2020, the Supreme Court of India issued an order transferring petitions relating to the winding-up to the Karnataka High Court (where the matters remain pending), while declining in the meantime to review the interim stay order. In addition, on May 27, 2020, SEBI initiated a forensic audit/inspection of Franklin Templeton Mutual Fund, FTAMI, and FTTS with respect to the Funds and certain fund-of-fund investments in one or more of the Funds, and appointed an outside auditor to conduct the review. The audit is currently ongoing. Management strongly believes that the Company Respondents have meritorious defenses to the claims made in the petitions identified above and the Company Respondents are defending against them vigorously. The Company cannot at this time predict the eventual outcome of those petitions or the ongoing audit, or whether they will have a material negative impact on the Company. Further, the Company cannot reasonably estimate the possible loss or range of loss that may arise from any negative outcome of such matters, including due to the current stage of these matters and the non-monetary nature of the relief requested in the petitions. Other Litigation Matters. The Company is from time to time involved in other 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 June 30, 2020 to provide for any probable losses that may arise from such matters for which the Company could reasonably estimate an amount. Indemnifications and Guarantees In the ordinary course of business or in connection with certain acquisition agreements, the Company enters into contracts that provide for indemnifications by the Company in certain circumstances. In addition, certain Company entities guarantee certain financial and performance-related obligations of various Franklin subsidiaries. The Company is also subject to certain legal requirements and agreements providing for indemnifications of directors, officers and personnel against liabilities and expenses they may incur under certain circumstances in connection with their service in those positions. The terms of these indemnities and guarantees vary pursuant to applicable facts and circumstances, and from agreement to agreement. Future payments for claims against the Company under these indemnities or guarantees could negatively impact the Company’s financial condition. In management’s opinion, no material loss was deemed probable or reasonably possible pursuant to such indemnification agreements and/or guarantees as of June 30, 2020 . Other Commitments and Contingencies At June 30, 2020 , 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	9 Months Ended
	Jun. 30, 2020
Share-based Payment Arrangement, Noncash Expense [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 nine months ended June 30, 2020 Nonvested balance at October 1, 2019 3,778 1,854 5,632 $ 34.06 Granted 4,684 135 4,819 27.44 Vested (553 ) (374 ) (927 ) 34.30 Forfeited/canceled (288 ) (542 ) (830 ) 33.64 Nonvested Balance at June 30, 2020 7,621 1,073 8,694 $ 30.41 Total unrecognized compensation expense related to nonvested stock and stock unit awards was $157.3 million at June 30, 2020 . This expense is expected to be recognized over a remaining weighted-average vesting period of 1.9 years .

Other Income (Expenses)

Other Income (Expenses)	9 Months Ended
	Jun. 30, 2020
Other Income and Expenses [Abstract]
Other Income (Expenses)	Other Income (Expenses) Other income (expenses) consisted of the following: Three Months Ended Nine Months Ended (in millions) 2020 2019 2020 2019 Investment and Other Income (Losses), Net Dividend income $ 5.5 $ 24.2 $ 44.1 $ 74.0 Interest income 2.3 7.2 11.4 24.7 Gains (losses) on investments, net 42.3 0.3 (29.3 ) (16.1 ) Income (losses) from investments in equity method investees 10.0 5.5 (110.3 ) 15.1 Gains (losses) on swap agreements (20.2 ) — 8.9 — Gains (losses) on investments of CIPs, net (26.7 ) 1.7 (103.0 ) (15.5 ) Rental income 7.7 4.7 23.0 14.6 Foreign currency exchange (losses) gains, net (0.6 ) 0.1 (11.5 ) 7.3 Other, net 2.6 0.5 0.2 (0.3 ) Total 22.9 44.2 (166.5 ) 103.8 Interest Expense (6.8 ) (5.6 ) (17.7 ) (17.7 ) Other Income (Expenses), Net $ 16.1 $ 38.6 $ (184.2 ) $ 86.1 Substantially all dividend income was generated by investments in nonconsolidated sponsored funds. Interest income was primarily generated by cash equivalents, debt securities of U.S. states and political subdivisions 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 $0.6 million and $1.6 million for the three and nine months ended June 30, 2020 . 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 June 30, 2020 and 2019 were $52.9 million and $(12.5) million for the three and nine months ended June 30, 2020 , and $7.9 million and $(1.9) million for the three and nine months ended June 30, 2019

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income (Loss)	9 Months Ended
	Jun. 30, 2020
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 June 30, 2020 Balance at April 1, 2020 $ (469.9 ) $ (6.4 ) $ 0.2 $ (476.1 ) Other comprehensive income (loss) Other comprehensive income (loss) before reclassifications, net of tax 26.1 — (0.5 ) 25.6 Reclassifications to net investment and other income (losses), net of tax — — 0.4 0.4 Total other comprehensive income (loss) 26.1 — (0.1 ) 26.0 Balance at June 30, 2020 $ (443.8 ) $ (6.4 ) $ 0.1 $ (450.1 ) (in millions) Currency Unrealized Unrealized Total for the nine months ended June 30, 2020 Balance at October 1, 2019 $ (425.4 ) $ (6.2 ) $ — $ (431.6 ) Other comprehensive income (loss) Other comprehensive loss before reclassifications, net of tax (18.8 ) (0.2 ) (0.5 ) (19.5 ) Reclassifications to net investment and other income (losses), net of tax 0.4 0.6 1.0 Total other comprehensive income (loss) (18.4 ) (0.2 ) 0.1 (18.5 ) Balance at June 30, 2020 $ (443.8 ) $ (6.4 ) $ 0.1 $ (450.1 ) (in millions) Currency Unrealized Unrealized Total for the three months ended June 30, 2019 Balance at April 1, 2019 $ (379.6 ) $ (5.3 ) $ (1.6 ) $ (386.5 ) Other comprehensive income Other comprehensive income (loss) before reclassifications, net of tax 1.9 0.1 (4.9 ) (2.9 ) Reclassifications to net investment and other income (losses), net of tax — — 8.5 8.5 Total other comprehensive income 1.9 0.1 3.6 5.6 Balance at June 30, 2019 $ (377.7 ) $ (5.2 ) $ 2.0 $ (380.9 ) (in millions) Currency Unrealized Unrealized Total for the nine months ended June 30, 2019 Balance at October 1, 2018 $ (372.9 ) $ (4.2 ) $ 6.5 $ (370.6 ) Adoption of new accounting guidance — — (8.0 ) (8.0 ) Other comprehensive income (loss) Other comprehensive loss before reclassifications, net of tax (4.9 ) (1.0 ) (5.0 ) (10.9 ) Reclassifications to net investment and other income (losses), net of tax 0.1 — 8.5 8.6 Total other comprehensive income (loss) (4.8 ) (1.0 ) 3.5 (2.3 ) Balance at June 30, 2019 $ (377.7 ) $ (5.2 ) $ 2.0 $ (380.9 )

Significant Accounting Polici_2

Significant Accounting Policies (Policies)	9 Months Ended
	Jun. 30, 2020
Accounting Policies [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 (“U.S. GAAP”) 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 June 30, 2020 .
Use of Estimates	Use of Estimates The Company’s consolidated financial statements and accompanying notes are prepared in accordance with U.S. GAAP, which require the use of estimates, judgments and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the periods presented. Global concerns about the novel coronavirus (“COVID-19”) pandemic have adversely affected, and we expect will continue to adversely affect, our business, financial condition and results of operations including the estimates and assumptions made by management. Significant estimates and assumptions made relate to, among other things, valuations for certain investments which are carried at fair value including those of consolidated investment products, the review of goodwill and intangible assets for impairment, and the calculation of income taxes. Actual results could differ from the estimates, and such differences may be material to the Company’s consolidated financial statements.

Fair Value Measurements Account

Fair Value Measurements Accounting Policies (Policies)	9 Months Ended
	Jun. 30, 2020
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, and a derivative swap asset for which the fair value is based on third-party pricing models which utilize inputs that are readily available in the market. 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 cash and cash equivalents of CLOs which primarily consist of investments in a money market fund for which the fair value is based on its published NAV, and equity securities for which the fair values are based on quoted market prices. Level 2 assets consist of receivables of CLOs which consist primarily of investment trades pending settlement, debt and equity securities, and loans, the fair values for which 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.

Leases Accounting Policies (Pol

Leases Accounting Policies (Policies)	9 Months Ended
	Jun. 30, 2020
Accounting Policies [Abstract]
Leases [Policy Text Block]	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.

Earnings per Share (Tables)

Earnings per Share (Tables)	9 Months Ended
	Jun. 30, 2020
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 Nine Months Ended 2020 2019 2020 2019 Net income attributable to Franklin Resources, Inc. $ 290.4 $ 245.9 $ 720.0 $ 889.3 Less: allocation of earnings to participating nonvested stock and stock unit awards 4.2 2.6 9.7 8.8 Net Income Available to Common Stockholders $ 286.2 $ 243.3 $ 710.3 $ 880.5 Weighted-average shares outstanding – basic 490.4 501.6 492.2 505.6 Dilutive effect of nonparticipating nonvested stock unit awards 0.3 0.7 0.5 0.5 Weighted-Average Shares Outstanding – Diluted 490.7 502.3 492.7 506.1 Earnings per Share Basic $ 0.58 $ 0.48 $ 1.44 $ 1.74 Diluted 0.58 0.48 1.44 1.74

Revenues (Tables)

Revenues (Tables)	9 Months Ended
	Jun. 30, 2020
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 $ 488.7 $ 203.3 $ 58.5 $ 41.3 $ 17.4 $ — $ 809.2 Sales and distribution fees 205.4 83.9 11.9 0.7 0.2 — 302.1 Shareholder servicing fees 37.0 5.9 — 1.7 — — 44.6 Other 4.8 0.3 — 0.1 — 27.0 32.2 Total $ 735.9 $ 293.4 $ 70.4 $ 43.8 $ 17.6 $ 27.0 $ 1,188.1 Earned From Contracts With Customers Not Earned From Contracts With Customers 1 Total (in millions) United States Luxembourg Americas Excluding United States Asia-Pacific Europe, Middle East and Africa, Excluding Luxembourg for the nine months ended Investment management fees $ 1,590.7 $ 691.9 $ 201.7 $ 151.4 $ 61.4 $ — $ 2,697.1 Sales and distribution fees 675.1 277.5 39.6 2.2 0.9 — 995.3 Shareholder servicing fees 123.1 19.4 0.2 6.7 — — 149.4 Other 16.9 0.9 — 0.4 1.5 77.6 97.3 Total $ 2,405.8 $ 989.7 $ 241.5 $ 160.7 $ 63.8 $ 77.6 $ 3,939.1 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 $ 585.7 $ 269.6 $ 79.3 $ 62.3 $ 22.5 $ — $ 1,019.4 Sales and distribution fees 240.4 111.1 15.5 0.2 0.3 — 367.5 Shareholder servicing fees 42.3 7.7 — 2.7 — — 52.7 Other 6.1 0.3 — 0.1 2.3 28.3 37.1 Total $ 874.5 $ 388.7 $ 94.8 $ 65.3 $ 25.1 $ 28.3 $ 1,476.7 Earned From Contracts With Customers Not Earned From Contracts With Customers 1 Total (in millions) United States Luxembourg Americas Excluding United States Asia-Pacific Europe, Middle East and Africa, Excluding Luxembourg for the nine months ended Investment management fees $ 1,684.4 $ 800.7 $ 247.8 $ 180.6 $ 70.1 $ — $ 2,983.6 Sales and distribution fees 702.0 328.9 47.9 0.9 1.1 — 1,080.8 Shareholder servicing fees 134.3 22.8 0.1 7.7 — — 164.9 Other 13.3 0.9 — 0.4 2.7 75.4 92.7 Total $ 2,534.0 $ 1,153.3 $ 295.8 $ 189.6 $ 73.9 $ 75.4 $ 4,322.0 __________________ 1 Consists of revenues of consolidated investment products.

Investments (Tables)

Investments (Tables)	9 Months Ended
	Jun. 30, 2020
Investments [Abstract]
Summary of investments	Investments consisted of the following: (in millions) June 30, September 30, Equity securities, at fair value Sponsored funds $ 396.6 $ 466.4 Other equity securities 130.1 63.6 Total equity securities, at fair value 526.7 530.0 Debt securities Trading 43.6 44.2 Available-for-sale 1.8 4.0 Total debt securities 45.4 48.2 Investments in equity method investees 470.2 933.4 Other investments 92.7 44.2 Total $ 1,135.0 $ 1,555.8

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Jun. 30, 2020
Fair Value Disclosures [Abstract]
Schedule of assets and liabilities measured at fair value on a recurring basis	The assets and liabilities measured at fair value on a recurring basis were as follows: (in millions) Level 1 Level 2 Level 3 NAV as a Practical Expedient Total as of June 30, 2020 Assets Equity securities, at fair value Sponsored funds $ 338.0 $ — $ — $ 58.6 $ 396.6 Other equity securities 10.4 10.8 0.8 108.1 130.1 Debt securities Trading — 26.4 17.2 — 43.6 Available-for-sale — 1.8 — 1.8 Derivative asset — 22.3 — — 22.3 Total Assets Measured at Fair Value $ 348.4 $ 61.3 $ 18.0 $ 166.7 $ 594.4 Liabilities Contingent consideration liabilities $ — $ — $ 24.4 $ — $ 24.4 (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 liabilities	Changes in the Level 3 assets and liabilities were as follows: 2020 2019 (in millions) Investments Contingent Investments for the three months ended June 30, Balance at beginning of period $ 27.7 $ (7.6 ) $ 33.9 Acquisitions — (16.7 ) — Total realized and unrealized gains (losses) Included in investment and other income (losses), net 0.8 — 2.7 Included in general, administrative and other expense — (0.2 ) — Purchases 2.3 — 3.7 Sales (10.5 ) — (0.4 ) Settlements (2.3 ) 0.1 (2.5 ) Transfers out of Level 3 — — (5.0 ) Balance at End of Period $ 18.0 $ (24.4 ) $ 32.4 Change in unrealized gains (losses) included in net income relating to assets and liabilities held at end of period $ 0.1 $ (0.2 ) $ 0.4 2020 2019 (in millions) Investments Contingent Investments Contingent for the nine months ended June 30, Balance at beginning of period $ 32.1 $ — $ 32.6 $ (38.7 ) Acquisitions — (24.3 ) — — Total realized and unrealized gains (losses) Included in investment and other income (losses), net 0.1 — 6.3 — Included in general, administrative and other expense — (0.2 ) — (2.0 ) Purchases 14.9 — 8.7 — Sales (14.0 ) — (4.7 ) — Settlements (5.1 ) 0.1 (3.4 ) 40.7 Consolidation of investment product (10.0 ) — — — Transfers out of Level 3 — — (7.1 ) — Balance at End of Period $ 18.0 $ (24.4 ) $ 32.4 $ — Change in unrealized gains (losses) included in net income relating to assets and liabilities held at end of period $ (0.9 ) $ (0.2 ) $ 3.4 $ —
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 June 30, 2020 Fair Value Valuation Technique Significant Unobservable Inputs Range (Weighted Average 1 ) Debt securities, trading $ 17.2 Discounted cash flow Discount rate 0.6%–30.3% (6.7%) Risk premium 2.0%–9.7% (5.1%) Contingent consideration liabilities 24.4 Monte Carlo pricing model Revenue discount rate 6.0%–13.0% (9.5%) (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 June 30, 2020 September 30, 2019 Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Financial Assets Cash and cash equivalents 1 $ 6,358.7 $ 6,358.7 $ 5,803.4 $ 5,803.4 Other investments Time deposits 2 16.6 16.6 15.4 15.4 Equity securities 3 76.1 81.7 17.3 19.2 Loans receivable 3 58.0 58.0 — — Financial Liability Debt 2 $ 697.2 $ 747.1 $ 696.9 $ 718.7

Consolidated Investment Produ_2

Consolidated Investment Products (Tables)	9 Months Ended
	Jun. 30, 2020
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) June 30, September 30, Assets Cash and cash equivalents $ 617.2 $ 154.2 Receivables 117.5 99.0 Investments, at fair value 2,274.3 2,303.9 Total Assets $ 3,009.0 $ 2,557.1 Liabilities Accounts payable and accrued expenses $ 154.6 $ 81.5 Debt 685.6 50.8 Other liabilities 1.9 — Total liabilities 842.1 132.3 Redeemable Noncontrolling Interests 713.8 746.7 Stockholders ’ Equity Franklin Resources, Inc.’s interests 734.5 1,129.6 Nonredeemable noncontrolling interests 718.6 548.5 Total stockholders’ equity 1,453.1 1,678.1 Total Liabilities, Redeemable Noncontrolling Interests and Stockholders ’ Equity $ 3,009.0 $ 2,557.1
Schedule of assets and liabilities measured at fair value on a recurring basis	Assets and liabilities 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 June 30, 2020 Assets Cash and cash equivalents of CLOs $ 22.2 $ — $ — $ — $ 22.2 Receivables of CLOs — 2.1 — — 2.1 Investments Equity securities $ 186.2 $ 71.7 $ 393.6 $ 239.8 $ 891.3 Debt securities 1.5 395.0 85.0 — 481.5 Loans — 588.3 8.9 — 597.2 Real estate — — 304.3 — 304.3 Total Assets Measured at Fair Value $ 209.9 $ 1,057.1 $ 791.8 $ 239.8 $ 2,298.6 Liabilities Other liabilities $ 1.8 $ 0.1 $ — $ — $ 1.9 (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 Loans — — 16.6 — 16.6 Real estate — — 152.7 — 152.7 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 June 30, 2020 Balance at April 1, 2020 $ 351.6 $ 80.9 $ 288.0 $ 11.0 $ 731.5 Realized and unrealized gains (losses) included in investment and other income (losses), net (26.0 ) 2.3 (0.4 ) (0.4 ) (24.5 ) Purchases 120.5 2.6 12.1 — 135.2 Sales and settlements (50.3 ) (1.2 ) — (1.7 ) (53.2 ) Transfers out of Level 3 — (0.1 ) — — (0.1 ) Foreign exchange revaluation (2.2 ) 0.5 4.6 — 2.9 Balance at June 30, 2020 $ 393.6 $ 85.0 $ 304.3 $ 8.9 $ 791.8 Change in unrealized gains (losses) included in net income relating to assets held at June 30, 2020 $ (25.1 ) $ 2.3 $ (0.4 ) $ (0.4 ) $ (23.6 ) (in millions) Equity Debt Real Estate Loans Total for the nine months ended June 30, 2020 Balance at October 1, 2019 $ 296.4 $ 131.4 $ 152.7 $ 16.6 $ 597.1 Realized and unrealized losses included in investment and other income (losses), net (36.0 ) (12.0 ) (1.3 ) (1.8 ) (51.1 ) Purchases 188.9 6.9 153.7 — 349.5 Sales and settlements (53.6 ) (2.3 ) — (5.9 ) (61.8 ) Deconsolidation — (40.7 ) — — (40.7 ) Transfers into Level 3 — 2.2 — — 2.2 Transfers out of Level 3 — (1.1 ) — — (1.1 ) Foreign exchange revaluation (2.1 ) 0.6 (0.8 ) — (2.3 ) Balance at June 30, 2020 $ 393.6 $ 85.0 $ 304.3 $ 8.9 $ 791.8 Change in unrealized losses included in net income relating to assets held at June 30, 2020 $ (35.1 ) $ (12.0 ) $ (1.3 ) $ (1.8 ) $ (50.2 ) (in millions) Equity Debt Real Estate Loans Total for the three months ended June 30, 2019 Balance at April 1, 2019 $ 257.6 $ 131.7 $ 29.1 $ 38.4 $ 456.8 Realized and unrealized gains (losses) included in investment and other income (losses), net 0.5 8.6 (0.2 ) (0.7 ) 8.2 Purchases 38.8 — — 1.0 39.8 Sales (29.4 ) — — (13.8 ) (43.2 ) Foreign exchange revaluation 0.1 0.3 0.2 — 0.6 Balance at June 30, 2019 $ 267.6 $ 140.6 $ 29.1 $ 24.9 $ 462.2 Change in unrealized gains (losses) included in net income relating to assets held at June 30, 2019 $ (13.3 ) $ 8.8 $ (0.2 ) $ — $ (4.7 ) (in millions) Equity Debt Real Estate Loans Total for the nine months ended June 30, 2019 Balance at October 1, 2018 $ 199.7 $ 118.0 $ — $ 32.3 $ 350.0 Acquisition 45.2 39.7 — — 84.9 Realized and unrealized gains (losses) included in investment and other income (losses), net 7.4 (2.4 ) 3.2 (2.2 ) 6.0 Purchases 74.2 9.4 25.6 9.2 118.4 Sales and settlements (30.8 ) (20.2 ) — (14.4 ) (65.4 ) Transfers into Level 3 0.1 — — — 0.1 Transfers out of Level 3 (25.4 ) (3.6 ) — — (29.0 ) Foreign exchange revaluation (2.8 ) (0.3 ) 0.3 — (2.8 ) Balance at June 30, 2019 $ 267.6 $ 140.6 $ 29.1 $ 24.9 $ 462.2 Change in unrealized gains (losses) included in net income relating to assets held at June 30, 2019 $ (6.3 ) $ 4.9 $ 3.2 $ (0.8 ) $ 1.0
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 June 30, 2020 Fair Value Valuation Technique Significant Unobservable Inputs Range (Weighted Average 1 ) Equity securities $ 157.9 Discounted cash flow Discount rate 3.4%–30.0% (11.3%) Discount for lack of marketability 17.0% 128.3 Market comparable companies Enterprise value/ 6.8–19.1 (10.0) Discount for lack of marketability 20.0%–25.2% (21.9%) Risk premium 14.3%–55.0% (31.5%) Enterprise value/ 7.5 Price to earnings ratio 11.0 Price to book value ratio 0.9 107.4 Market pricing Private sale pricing $0.12–$60.06 ($9.00) per share Debt securities 75.1 Discounted cash flow Discount rate 3.4%–17.8% (11.3%) Discount for lack of marketability 17.0% Risk premium 6.5% 9.9 Market comparable companies Price to earnings ratio 10.0 Enterprise value/ 15.5 Real estate 201.9 Discounted cash flow Discount rate 4.5%–6.0% (5.1%) 102.4 Yield capitalization Equivalent yield 4.2%–6.1% (5.2%) Loans 8.9 Discounted cash flow Loss-adjusted discount rate 0.0%–26.5% (12.8%) (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 84.7 Discounted cash flow Discount rate 6.4%–7.4% (7.1%) 68.0 Yield capitalization Equivalent yield 4.3%–6.1% (5.4%) 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 June 30, 2020 September 30, 2019 Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Financial Asset Cash and cash equivalents 1 $ 595.0 $ 595.0 $ 154.2 $ 154.2 Financial Liabilities Debt of CLOs 2 $ 537.3 $ 548.0 $ — $ — Other debt 3 148.3 151.2 50.8 51.0
Schedule of debt of CIPs	Debt of CIPs consisted of the following: June 30, 2020 September 30, 2019 (in millions) Amount Weighted- Average Effective Interest Rate Amount Weighted- Debt of CLOs $ 537.3 3.61% $ — N/A Other debt 148.3 3.08% 50.8 5.09% Total $ 685.6 $ 50.8
Schedule of contractual maturities for debt of CIPs	The contractual maturities for debt of CIPs at June 30, 2020 were as follows: (in millions) for the fiscal years ending September 30, Amount 2020 (remainder of year) $ 23.3 2021 146.4 2022 — 2023 — 2024 32.8 Thereafter 483.1 Total $ 685.6
Schedule of changes in redeemable noncontrolling interests of CIPs	Changes in redeemable noncontrolling interests of CIPs were as follows: (in millions) for the nine months ended June 30, 2020 2019 Balance at beginning of period $ 746.7 $ 1,043.6 Net income 11.8 6.2 Net subscriptions and other 241.2 578.4 Net deconsolidations (285.9 ) (821.7 ) Balance at End of Period $ 713.8 $ 806.5
Schedule of unpaid principal balance and fair value of investments and debt of CLOs	The unpaid principal balance and fair value of the investments of CLOs as of June 30, 2020 were as follows: (in millions) Amount Unpaid principal balance $ 679.7 Difference between unpaid principal balance and fair value (91.4 ) Fair Value $ 588.3

Nonconsolidated Variable Inte_2

Nonconsolidated Variable Interest Entities (Tables)	9 Months Ended
	Jun. 30, 2020
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, investment management and other fee receivables, and loans and related interest receivable as follows: (in millions) June 30, September 30, Investments $ 347.9 $ 458.1 Receivables 137.6 149.5 Loans receivable 58.0 — Total $ 543.5 $ 607.6

Leases (Tables)

Leases (Tables)	9 Months Ended
	Jun. 30, 2020
Leases [Abstract]
Schedule of lease expenses	Lease expense was as follows: Three Months Ended Nine Months Ended (in millions) Operating lease cost 1 $ 14.5 $ 42.6 Finance lease cost 0.1 0.4 Variable lease cost 2 — 0.5 Total lease expense $ 14.6 $ 43.5
Supplemental cash flow information related to leases	Supplemental cash flow information related to leases was as follows: (in millions) Amount for the nine months ended June 30, 2020 Operating cash flows from operating leases included in the measurement of operating lease liabilities $ 36.8 ROU assets obtained in exchange for new/modified operating lease liabilities 10.9
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) $ 12.7 2021 47.9 2022 45.4 2023 42.8 2024 38.9 Thereafter 155.8 Total lease payments 343.5 Less: interest (42.9 ) Operating lease liabilities $ 300.6 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 June 30, 2020 were as follows: (in millions) Amount for the fiscal years ending September 30, 2020 (remainder of year) $ 8.1 2021 31.0 2022 28.0 2023 28.0 2024 29.0 Thereafter 99.3 Total $ 223.4

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	9 Months Ended
	Jun. 30, 2020
Share-based Payment Arrangement, Noncash Expense [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 nine months ended June 30, 2020 Nonvested balance at October 1, 2019 3,778 1,854 5,632 $ 34.06 Granted 4,684 135 4,819 27.44 Vested (553 ) (374 ) (927 ) 34.30 Forfeited/canceled (288 ) (542 ) (830 ) 33.64 Nonvested Balance at June 30, 2020 7,621 1,073 8,694 $ 30.41

Other Income (Expenses) (Tables

Other Income (Expenses) (Tables)	9 Months Ended
	Jun. 30, 2020
Other Income and Expenses [Abstract]
Schedule of other income (expenses)	Other income (expenses) consisted of the following: Three Months Ended Nine Months Ended (in millions) 2020 2019 2020 2019 Investment and Other Income (Losses), Net Dividend income $ 5.5 $ 24.2 $ 44.1 $ 74.0 Interest income 2.3 7.2 11.4 24.7 Gains (losses) on investments, net 42.3 0.3 (29.3 ) (16.1 ) Income (losses) from investments in equity method investees 10.0 5.5 (110.3 ) 15.1 Gains (losses) on swap agreements (20.2 ) — 8.9 — Gains (losses) on investments of CIPs, net (26.7 ) 1.7 (103.0 ) (15.5 ) Rental income 7.7 4.7 23.0 14.6 Foreign currency exchange (losses) gains, net (0.6 ) 0.1 (11.5 ) 7.3 Other, net 2.6 0.5 0.2 (0.3 ) Total 22.9 44.2 (166.5 ) 103.8 Interest Expense (6.8 ) (5.6 ) (17.7 ) (17.7 ) Other Income (Expenses), Net $ 16.1 $ 38.6 $ (184.2 ) $ 86.1

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Income (Loss) (Tables)	9 Months Ended
	Jun. 30, 2020
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 June 30, 2020 Balance at April 1, 2020 $ (469.9 ) $ (6.4 ) $ 0.2 $ (476.1 ) Other comprehensive income (loss) Other comprehensive income (loss) before reclassifications, net of tax 26.1 — (0.5 ) 25.6 Reclassifications to net investment and other income (losses), net of tax — — 0.4 0.4 Total other comprehensive income (loss) 26.1 — (0.1 ) 26.0 Balance at June 30, 2020 $ (443.8 ) $ (6.4 ) $ 0.1 $ (450.1 ) (in millions) Currency Unrealized Unrealized Total for the nine months ended June 30, 2020 Balance at October 1, 2019 $ (425.4 ) $ (6.2 ) $ — $ (431.6 ) Other comprehensive income (loss) Other comprehensive loss before reclassifications, net of tax (18.8 ) (0.2 ) (0.5 ) (19.5 ) Reclassifications to net investment and other income (losses), net of tax 0.4 0.6 1.0 Total other comprehensive income (loss) (18.4 ) (0.2 ) 0.1 (18.5 ) Balance at June 30, 2020 $ (443.8 ) $ (6.4 ) $ 0.1 $ (450.1 ) (in millions) Currency Unrealized Unrealized Total for the three months ended June 30, 2019 Balance at April 1, 2019 $ (379.6 ) $ (5.3 ) $ (1.6 ) $ (386.5 ) Other comprehensive income Other comprehensive income (loss) before reclassifications, net of tax 1.9 0.1 (4.9 ) (2.9 ) Reclassifications to net investment and other income (losses), net of tax — — 8.5 8.5 Total other comprehensive income 1.9 0.1 3.6 5.6 Balance at June 30, 2019 $ (377.7 ) $ (5.2 ) $ 2.0 $ (380.9 ) (in millions) Currency Unrealized Unrealized Total for the nine months ended June 30, 2019 Balance at October 1, 2018 $ (372.9 ) $ (4.2 ) $ 6.5 $ (370.6 ) Adoption of new accounting guidance — — (8.0 ) (8.0 ) Other comprehensive income (loss) Other comprehensive loss before reclassifications, net of tax (4.9 ) (1.0 ) (5.0 ) (10.9 ) Reclassifications to net investment and other income (losses), net of tax 0.1 — 8.5 8.6 Total other comprehensive income (loss) (4.8 ) (1.0 ) 3.5 (2.3 ) Balance at June 30, 2019 $ (377.7 ) $ (5.2 ) $ 2.0 $ (380.9 )

New Accounting Guidance - Narra

New Accounting Guidance - Narrative (Details) - USD ($) $ in Millions	Jun. 30, 2020	Oct. 01, 2019	Sep. 30, 2019
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Operating lease right-of-use assets	$ 258.5		$ 0
Operating lease liabilities	$ 300.6		$ 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		9 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Earnings Per Share [Abstract]
Shares of nonparticipating nonvested stock unit awards excluded from the calculation of diluted EPS	0.5	0.2	0.5	0.2

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		9 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Earnings Per Share Reconciliation [Abstract]
Net income attributable to Franklin Resources, Inc.	$ 290.4	$ 245.9	$ 720	$ 889.3
Less: allocation of earnings to participating nonvested stock and stock unit awards - basic	4.2	2.6	9.7	8.8
Less: allocation of earnings to participating nonvested stock and stock unit awards - diluted	4.2	2.6	9.7	8.8
Net Income Available to Common Stockholders - basic	286.2	243.3	710.3	880.5
Net Income Available to Common Stockholders - diluted	$ 286.2	$ 243.3	$ 710.3	$ 880.5
Weighted-average shares outstanding – basic	490.4	501.6	492.2	505.6
Dilutive effect of nonparticipating nonvested stock unit awards	0.3	0.7	0.5	0.5
Weighted-Average Shares Outstanding – Diluted	490.7	502.3	492.7	506.1
Earnings per Share [Abstract]
Basic	$ 0.58	$ 0.48	$ 1.44	$ 1.74
Diluted	$ 0.58	$ 0.48	$ 1.44	$ 1.74

Revenues - Schedule of Operatin

Revenues - Schedule of Operating Revenues by Geographic Area (Details) - USD ($) $ in Millions		3 Months Ended		9 Months Ended
		Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Disaggregation of Revenue [Line Items]
Not Earned From Contracts With Customers	[1]	$ 27	$ 28.3	$ 77.6	$ 75.4
Other		32.2	37.1	97.3	92.7
Total		1,188.1	1,476.7	3,939.1	4,322
Investment management fees [Member]
Disaggregation of Revenue [Line Items]
Earned From Contracts With Customers		809.2	1,019.4	2,697.1	2,983.6
Not Earned From Contracts With Customers	[1]	0	0	0	0
Sales and distribution fees [Member]
Disaggregation of Revenue [Line Items]
Earned From Contracts With Customers		302.1	367.5	995.3	1,080.8
Not Earned From Contracts With Customers	[1]	0	0	0	0
Shareholder servicing fees [Member]
Disaggregation of Revenue [Line Items]
Earned From Contracts With Customers		44.6	52.7	149.4	164.9
Not Earned From Contracts With Customers	[1]	0	0	0	0
Other [Member]
Disaggregation of Revenue [Line Items]
Not Earned From Contracts With Customers	[1]	27	28.3	77.6	75.4
United States [Member]
Disaggregation of Revenue [Line Items]
Earned From Contracts With Customers		735.9	874.5	2,405.8	2,534
United States [Member] | Investment management fees [Member]
Disaggregation of Revenue [Line Items]
Earned From Contracts With Customers		488.7	585.7	1,590.7	1,684.4
United States [Member] | Sales and distribution fees [Member]
Disaggregation of Revenue [Line Items]
Earned From Contracts With Customers		205.4	240.4	675.1	702
United States [Member] | Shareholder servicing fees [Member]
Disaggregation of Revenue [Line Items]
Earned From Contracts With Customers		37	42.3	123.1	134.3
United States [Member] | Other [Member]
Disaggregation of Revenue [Line Items]
Earned From Contracts With Customers		4.8	6.1	16.9	13.3
Luxembourg [Member]
Disaggregation of Revenue [Line Items]
Earned From Contracts With Customers		293.4	388.7	989.7	1,153.3
Luxembourg [Member] | Investment management fees [Member]
Disaggregation of Revenue [Line Items]
Earned From Contracts With Customers		203.3	269.6	691.9	800.7
Luxembourg [Member] | Sales and distribution fees [Member]
Disaggregation of Revenue [Line Items]
Earned From Contracts With Customers		83.9	111.1	277.5	328.9
Luxembourg [Member] | Shareholder servicing fees [Member]
Disaggregation of Revenue [Line Items]
Earned From Contracts With Customers		5.9	7.7	19.4	22.8
Luxembourg [Member] | Other [Member]
Disaggregation of Revenue [Line Items]
Earned From Contracts With Customers		0.3	0.3	0.9	0.9
Americas Excluding United States [Member]
Disaggregation of Revenue [Line Items]
Earned From Contracts With Customers		70.4	94.8	241.5	295.8
Americas Excluding United States [Member] | Investment management fees [Member]
Disaggregation of Revenue [Line Items]
Earned From Contracts With Customers		58.5	79.3	201.7	247.8
Americas Excluding United States [Member] | Sales and distribution fees [Member]
Disaggregation of Revenue [Line Items]
Earned From Contracts With Customers		11.9	15.5	39.6	47.9
Americas Excluding United States [Member] | Shareholder servicing fees [Member]
Disaggregation of Revenue [Line Items]
Earned From Contracts With Customers		0	0	0.2	0.1
Americas Excluding United States [Member] | Other [Member]
Disaggregation of Revenue [Line Items]
Earned From Contracts With Customers		0	0	0	0
Asia-Pacific [Member]
Disaggregation of Revenue [Line Items]
Earned From Contracts With Customers		43.8	65.3	160.7	189.6
Asia-Pacific [Member] | Investment management fees [Member]
Disaggregation of Revenue [Line Items]
Earned From Contracts With Customers		41.3	62.3	151.4	180.6
Asia-Pacific [Member] | Sales and distribution fees [Member]
Disaggregation of Revenue [Line Items]
Earned From Contracts With Customers		0.7	0.2	2.2	0.9
Asia-Pacific [Member] | Shareholder servicing fees [Member]
Disaggregation of Revenue [Line Items]
Earned From Contracts With Customers		1.7	2.7	6.7	7.7
Asia-Pacific [Member] | Other [Member]
Disaggregation of Revenue [Line Items]
Earned From Contracts With Customers		0.1	0.1	0.4	0.4
Europe, Middle East and Africa, Excluding Luxembourg [Member]
Disaggregation of Revenue [Line Items]
Earned From Contracts With Customers		17.6	25.1	63.8	73.9
Europe, Middle East and Africa, Excluding Luxembourg [Member] | Investment management fees [Member]
Disaggregation of Revenue [Line Items]
Earned From Contracts With Customers		17.4	22.5	61.4	70.1
Europe, Middle East and Africa, Excluding Luxembourg [Member] | Sales and distribution fees [Member]
Disaggregation of Revenue [Line Items]
Earned From Contracts With Customers		0.2	0.3	0.9	1.1
Europe, Middle East and Africa, Excluding Luxembourg [Member] | Shareholder servicing fees [Member]
Disaggregation of Revenue [Line Items]
Earned From Contracts With Customers		0	0	0	0
Europe, Middle East and Africa, Excluding Luxembourg [Member] | Other [Member]
Disaggregation of Revenue [Line Items]
Earned From Contracts With Customers		$ 0	$ 2.3	$ 1.5	$ 2.7
[1]	Consists of revenues of consolidated investment products.

Investments - Narrative (Detail

Investments - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	May 31, 2020
Investments [Abstract]
Notional value	$ 60		$ 60		$ 260
Gain (loss) on swap agreement	(20.2)	$ 0	8.9	$ 0
Derivative asset	22.3		22.3
Other-than-temporary impairment	$ (5)	$ (8.5)	$ (7.1)	$ (8.5)

Investments - Summary of Invest

Investments - Summary of Investments (Details) - USD ($) $ in Millions	Jun. 30, 2020	Sep. 30, 2019
Investment Holdings [Line Items]
Equity securities, at fair value	$ 526.7	$ 530
Debt securities, trading	43.6	44.2
Debt securities, available-for-sale	1.8	4
Total debt securities	45.4	48.2
Investments in equity method investees	470.2	933.4
Other investments	92.7	44.2
Total	1,135	1,555.8
Sponsored funds [Member]
Investment Holdings [Line Items]
Equity securities, at fair value	396.6	466.4
Other equity securities [Member]
Investment Holdings [Line Items]
Equity securities, at fair value	$ 130.1	$ 63.6

Fair Value Measurements - Narra

Fair Value Measurements - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended		12 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Sep. 30, 2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Transfers into Level 3 - assets	$ 0	$ 0	$ 0	$ 0
Transfers into Level 3 - liabilities	0	$ 0	0	$ 0
Unfunded commitments	4.8		4.8		$ 4.7
Redeemable Global Equity Fund [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Alternative Investment	85.1		85.1
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	41.4		$ 41.4		$ 46.9
Liquidation weighted-average period			7 months 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	$ 39.5		$ 39.5		$ 48.6

Fair Value Measurements - Sched

Fair Value Measurements - Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Millions	Jun. 30, 2020	Sep. 30, 2019
Assets [Abstract]
Equity securities, at fair value	$ 526.7	$ 530
Debt securities, trading	43.6	44.2
Debt securities, available-for-sale	1.8	4
Derivative asset	22.3
Sponsored funds [Member]
Assets [Abstract]
Equity securities, at fair value	396.6	466.4
Other equity securities [Member]
Assets [Abstract]
Equity securities, at fair value	130.1	63.6
Fair Value, Recurring [Member]
Assets [Abstract]
Debt securities, trading	43.6	44.2
Debt securities, available-for-sale	1.8	4
Derivative asset	22.3
Life settlement contracts		11.5
Total Assets Measured at Fair Value	594.4	589.7
Liability [Abstract]
Contingent consideration liabilities	24.4
Fair Value, Recurring [Member] | Sponsored funds [Member]
Assets [Abstract]
Equity securities, at fair value	396.6	466.4
Fair Value, Recurring [Member] | Other equity securities [Member]
Assets [Abstract]
Equity securities, at fair value	130.1	63.6
Fair Value, Recurring [Member] | Level 1 [Member]
Assets [Abstract]
Debt securities, trading	0	0
Debt securities, available-for-sale	0	0
Derivative asset	0
Life settlement contracts		0
Total Assets Measured at Fair Value	348.4	419.6
Liability [Abstract]
Contingent consideration liabilities	0
Fair Value, Recurring [Member] | Level 1 [Member] | Sponsored funds [Member]
Assets [Abstract]
Equity securities, at fair value	338	397
Fair Value, Recurring [Member] | Level 1 [Member] | Other equity securities [Member]
Assets [Abstract]
Equity securities, at fair value	10.4	22.6
Fair Value, Recurring [Member] | Level 2 [Member]
Assets [Abstract]
Debt securities, trading	26.4	24.4
Debt securities, available-for-sale	1.8	4
Derivative asset	22.3
Life settlement contracts		0
Total Assets Measured at Fair Value	61.3	31.6
Liability [Abstract]
Contingent consideration liabilities	0
Fair Value, Recurring [Member] | Level 2 [Member] | Sponsored funds [Member]
Assets [Abstract]
Equity securities, at fair value	0	0
Fair Value, Recurring [Member] | Level 2 [Member] | Other equity securities [Member]
Assets [Abstract]
Equity securities, at fair value	10.8	3.2
Fair Value, Recurring [Member] | Level 3 [Member]
Assets [Abstract]
Debt securities, available-for-sale		0
Derivative asset	0
Total Assets Measured at Fair Value	18	32.1
Fair Value, Recurring [Member] | Level 3 [Member] | Sponsored funds [Member]
Assets [Abstract]
Equity securities, at fair value	0	0
Fair Value, Recurring [Member] | Level 3 [Member] | Other equity securities [Member]
Assets [Abstract]
Equity securities, at fair value	0.8	0.8
Fair Value, Recurring [Member] | NAV as a Practical Expedient [Member]
Assets [Abstract]
Total Assets Measured at Fair Value	166.7	106.4
Fair Value, Recurring [Member] | NAV as a Practical Expedient [Member] | Sponsored funds [Member]
Assets [Abstract]
Equity securities, at fair value	58.6	69.4
Fair Value, Recurring [Member] | NAV as a Practical Expedient [Member] | Other equity securities [Member]
Assets [Abstract]
Equity securities, at fair value	$ 108.1	$ 37

Fair Value Measurements - Sch_2

Fair Value Measurements - Schedule of Changes in Level 3 Assets and Liabilities (Details) - Level 3 [Member] - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Investments [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance at beginning of period - assets	$ 27.7	$ 33.9	$ 32.1	$ 32.6
Purchases	2.3	3.7	14.9	8.7
Sales - assets	(10.5)	(0.4)	(14)	(4.7)
Settlements - assets	(2.3)	(2.5)	(5.1)	(3.4)
Consolidation of investment products			10	0
Transfers out of Level 3 - assets	0	(5)	0	(7.1)
Balance at End of Period - assets	18	32.4	18	32.4
Change in unrealized gains (losses) included in net income relating to assets and liability held at end of period - assets	0.1	0.4	(0.9)	3.4
Contingent Consideration Liabilities [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance at beginning of period - liabilities	(7.6)		0	(38.7)
Acquisitions	(16.7)		(24.3)	0
Purchases - liabilities	0		0	0
Sales - liabilities	0		0	0
Settlements - liabilities	(0.1)		(0.1)	40.7
Transfers out of Level 3 - liabilities	0		0	0
Balance at End of Period - liabilities	(24.4)	0	(24.4)	0
Change in unrealized gains (losses) included in net income relating to assets and liability held at end of period - liabilities	(0.2)		(0.2)	0
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	0.8	2.7	0.1	6.3
Investment and other income (losses) [Member] | Contingent Consideration Liabilities [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Total realized and unrealized gains (losses) - liabilities	0		0	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	0	0
General, administrative and other expense [Member] | Contingent Consideration Liabilities [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Total realized and unrealized gains (losses) - liabilities	$ (0.2)		$ (0.2)	$ (2)

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		12 Months Ended
		Sep. 30, 2019USD ($)	Jun. 30, 2020USD ($)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt securities, trading		$ 44.2	$ 43.6
Fair Value, Recurring [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt securities, trading		44.2	43.6
Life settlement contracts		11.5
Contingent consideration liabilities			24.4
Fair Value, Recurring [Member] | Level 3 [Member] | Discounted cash flow [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt securities, trading		19.8	$ 17.2
Life settlement contracts		$ 11.5
Fair Value, 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		0.027	0.006
Life settlement contracts		0.080
Fair Value, 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		0.133	0.303
Life settlement contracts		0.200
Fair Value, 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]	0.067	0.067
Life settlement contracts	[1]	0.132
Fair Value, 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, 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	0.097
Fair Value, 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]	0.042	0.051
Fair Value, 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
Fair Value, 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		107 months
Fair Value, 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]	57 months
Fair Value, Recurring [Member] | Level 3 [Member] | Monte Carlo Pricing Model [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Contingent consideration liabilities			$ 24.4
Fair Value, Recurring [Member] | Level 3 [Member] | Monte Carlo Pricing Model [Member] | Discount rate [Member] | Weighted Average [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Contingent Consideration Liabilities Measurement Input	[1]		0.095
[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	Jun. 30, 2020	Sep. 30, 2019	Jun. 30, 2019	Sep. 30, 2018
Financial Assets [Abstract]
Cash and cash equivalents	$ 6,975.9	$ 5,957.6	$ 5,757.6	$ 6,910.6
Equity securities	92.7	44.2
Loans receivable	58
Carrying Value [Member]
Financial Assets [Abstract]
Cash and cash equivalents	6,358.7	5,803.4
Time deposits	16.6	15.4
Loans receivable	58	0
Financial Liability [Abstract]
Debt	697.2	696.9
Estimated Fair Value [Member] | Level 1 [Member]
Financial Assets [Abstract]
Cash and cash equivalents	6,358.7	5,803.4
Estimated Fair Value [Member] | Level 2 [Member]
Financial Assets [Abstract]
Time deposits	16.6	15.4
Financial Liability [Abstract]
Debt	747.1	718.7
Estimated Fair Value [Member] | Level 3 [Member]
Financial Assets [Abstract]
Loans receivable	58	0
Equity securities [Member] | Carrying Value [Member]
Financial Assets [Abstract]
Equity securities	76.1	17.3
Equity securities [Member] | Estimated Fair Value [Member] | Level 3 [Member]
Financial Assets [Abstract]
Equity securities	$ 81.7	$ 19.2

Consolidated Investment Produ_3

Consolidated Investment Products - Narrative (Details) $ in Millions	3 Months Ended		9 Months Ended		12 Months Ended
	Jun. 30, 2020USD ($)CIPs	Jun. 30, 2019USD ($)	Jun. 30, 2020USD ($)CIPs	Jun. 30, 2019USD ($)	Sep. 30, 2019USD ($)CIPs
Consolidated Investment Products [Abstract]
Number of consolidated investment products | CIPs	58		58		60
Number of CLOs	3		3		0
Schedule Of Consolidated Investment Products [Line Items]
CIPs' unfunded commitments	$ 4.8		$ 4.8		$ 4.7
Transfers into Level 3 - assets	0	$ 0	0	$ 0
Debt, unpaid principal balance	697.2		$ 697.2		$ 696.9
Nonredeemable Real Estate and Private Equity Funds [Member]
Schedule Of Consolidated Investment Products [Line Items]
Liquidation weighted-average period			7 months 6 days		1 year 3 months 18 days
CIPs [Member]
Schedule Of Consolidated Investment Products [Line Items]
CIPs' unfunded commitments	94		$ 94		$ 168.7
Unfunded commitments Company contractually obligated to fund	11.3		11.3		20.6
Transfers into Level 3 - assets	0	0	(2.2)	(0.1)
Transfers out of Level 3 - assets	(0.1)	$ 0	(1.1)	$ (29)
Debt, unpaid principal balance	$ 685.6		$ 685.6		$ 50.8
CIPs [Member] | Nonredeemable Real Estate and Private Equity Funds [Member]
Schedule Of Consolidated Investment Products [Line Items]
Liquidation weighted-average period			4 years 8 months 12 days		4 years 4 months 24 days
CIPs [Member] | Minimum [Member]
Schedule Of Consolidated Investment Products [Line Items]
Stated interest rate	1.00%		1.00%		2.08%
CIPs [Member] | Maximum [Member]
Schedule Of Consolidated Investment Products [Line Items]
Stated interest rate	6.31%		6.31%		7.94%
Collateralized loan obligations [Member]
Schedule Of Consolidated Investment Products [Line Items]
Net losses related to its own economic interests	$ (2.1)		$ (2.3)
Debt, unpaid principal balance	613.3		613.3
Collateralized loan obligations [Member] | CIPs [Member]
Schedule Of Consolidated Investment Products [Line Items]
Debt, unpaid principal balance	$ 537.3		$ 537.3		$ 0
Collateralized loan obligations [Member] | CIPs [Member] | Minimum [Member]
Schedule Of Consolidated Investment Products [Line Items]
Stated interest rate	3.01%		3.01%
Collateralized loan obligations [Member] | CIPs [Member] | Maximum [Member]
Schedule Of Consolidated Investment Products [Line Items]
Stated interest rate	8.72%		8.72%

Consolidated Investment Produ_4

Consolidated Investment Products - Schedule of Balances of CIPs (Details) - USD ($) $ in Millions	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018
Assets [Abstract]
Cash and cash equivalents	$ 6,975.9			$ 5,957.6	$ 5,757.6			$ 6,910.6
Receivables	810.3			740
Investments, at fair value	572.1			589.7
Total Assets	15,617			14,532.2
Liabilities [Abstract]
Accounts payable and accrued expenses	187.3			222.9
Debt	697.2			696.9
Other	255.1			270.6
Total liabilities	3,899.5			3,161.3
Redeemable Noncontrolling Interests	713.8			746.7
Stockholders' Equity [Abstract]
Franklin Resources, Inc.’s interests	10,114.2			9,906.5
Nonredeemable noncontrolling interests	889.5			717.7
Total stockholders’ equity	11,003.7	$ 10,753.5	$ 10,834.4	10,624.2	10,565.8	$ 10,499.1	$ 10,076.7	10,207.9
Total Liabilities, Redeemable Noncontrolling Interests and Stockholders’ Equity	15,617			14,532.2
CIPs [Member]
Assets [Abstract]
Cash and cash equivalents	617.2			154.2
Receivables	117.5			99
Investments, at fair value	2,274.3			2,303.9
Total Assets	3,009			2,557.1
Liabilities [Abstract]
Accounts payable and accrued expenses	154.6			81.5
Debt	685.6			50.8
Other	1.9			0
Total liabilities	842.1			132.3
Redeemable Noncontrolling Interests	713.8			746.7	$ 806.5			$ 1,043.6
Stockholders' Equity [Abstract]
Franklin Resources, Inc.’s interests	734.5			1,129.6
Nonredeemable noncontrolling interests	718.6			548.5
Total stockholders’ equity	1,453.1			1,678.1
Total Liabilities, Redeemable Noncontrolling Interests and Stockholders’ Equity	$ 3,009			$ 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	Jun. 30, 2020	Sep. 30, 2019
Assets [Abstract]
Investments, at fair value	$ 572.1	$ 589.7
Collateralized loan obligations [Member]
Assets [Abstract]
Investments, at fair value	588.3
CIPs [Member]
Assets [Abstract]
Investments, at fair value	2,274.3	2,303.9
Fair Value, Recurring [Member]
Assets [Abstract]
Total Assets Measured at Fair Value	594.4	589.7
Fair Value, Recurring [Member] | Level 1 [Member]
Assets [Abstract]
Total Assets Measured at Fair Value	348.4	419.6
Fair Value, Recurring [Member] | Level 2 [Member]
Assets [Abstract]
Total Assets Measured at Fair Value	61.3	31.6
Fair Value, Recurring [Member] | Level 3 [Member]
Assets [Abstract]
Total Assets Measured at Fair Value	18	32.1
Fair Value, Recurring [Member] | NAV as a Practical Expedient [Member]
Assets [Abstract]
Total Assets Measured at Fair Value	166.7	106.4
Fair Value, Recurring [Member] | Collateralized loan obligations [Member]
Assets [Abstract]
Cash and cash equivalents of CLOs	22.2
Receivables of CLOs	2.1
Fair Value, Recurring [Member] | Collateralized loan obligations [Member] | Level 1 [Member]
Assets [Abstract]
Cash and cash equivalents of CLOs	22.2
Receivables of CLOs	0
Fair Value, Recurring [Member] | Collateralized loan obligations [Member] | Level 2 [Member]
Assets [Abstract]
Cash and cash equivalents of CLOs	0
Receivables of CLOs	2.1
Fair Value, Recurring [Member] | Collateralized loan obligations [Member] | Level 3 [Member]
Assets [Abstract]
Cash and cash equivalents of CLOs	0
Receivables of CLOs	0
Fair Value, Recurring [Member] | CIPs [Member]
Assets [Abstract]
Total Assets Measured at Fair Value	2,298.6	2,303.9
Liability [Abstract]
Other liabilities	1.9
Fair Value, Recurring [Member] | CIPs [Member] | Level 1 [Member]
Assets [Abstract]
Total Assets Measured at Fair Value	209.9	195.2
Liability [Abstract]
Other liabilities	1.8
Fair Value, Recurring [Member] | CIPs [Member] | Level 2 [Member]
Assets [Abstract]
Total Assets Measured at Fair Value	1,057.1	1,307.5
Liability [Abstract]
Other liabilities	0.1
Fair Value, Recurring [Member] | CIPs [Member] | Level 3 [Member]
Assets [Abstract]
Total Assets Measured at Fair Value	791.8	597.1
Liability [Abstract]
Other liabilities	0
Fair Value, Recurring [Member] | CIPs [Member] | NAV as a Practical Expedient [Member]
Assets [Abstract]
Total Assets Measured at Fair Value	239.8	204.1
Equity securities [Member] | Fair Value, Recurring [Member] | CIPs [Member]
Assets [Abstract]
Investments, at fair value	891.3	919.5
Equity securities [Member] | Fair Value, Recurring [Member] | CIPs [Member] | Level 1 [Member]
Assets [Abstract]
Investments, at fair value	186.2	195.1
Equity securities [Member] | Fair Value, Recurring [Member] | CIPs [Member] | Level 2 [Member]
Assets [Abstract]
Investments, at fair value	71.7	223.9
Equity securities [Member] | Fair Value, Recurring [Member] | CIPs [Member] | Level 3 [Member]
Assets [Abstract]
Investments, at fair value	393.6	296.4
Equity securities [Member] | Fair Value, Recurring [Member] | CIPs [Member] | NAV as a Practical Expedient [Member]
Assets [Abstract]
Investments, at fair value	239.8	204.1
Debt Securities [Member] | Fair Value, Recurring [Member] | CIPs [Member]
Assets [Abstract]
Investments, at fair value	481.5	1,215.1
Debt Securities [Member] | Fair Value, Recurring [Member] | CIPs [Member] | Level 1 [Member]
Assets [Abstract]
Investments, at fair value	1.5	0.1
Debt Securities [Member] | Fair Value, Recurring [Member] | CIPs [Member] | Level 2 [Member]
Assets [Abstract]
Investments, at fair value	395	1,083.6
Debt Securities [Member] | Fair Value, Recurring [Member] | CIPs [Member] | Level 3 [Member]
Assets [Abstract]
Investments, at fair value	85	131.4
Loans [Member] | Fair Value, Recurring [Member] | CIPs [Member]
Assets [Abstract]
Investments, at fair value	597.2	16.6
Loans [Member] | Fair Value, Recurring [Member] | CIPs [Member] | Level 1 [Member]
Assets [Abstract]
Investments, at fair value	0	0
Loans [Member] | Fair Value, Recurring [Member] | CIPs [Member] | Level 2 [Member]
Assets [Abstract]
Investments, at fair value	588.3	0
Loans [Member] | Fair Value, Recurring [Member] | CIPs [Member] | Level 3 [Member]
Assets [Abstract]
Investments, at fair value	8.9	16.6
Real Estate [Member] | Fair Value, Recurring [Member] | CIPs [Member]
Assets [Abstract]
Investments, at fair value	304.3	152.7
Real Estate [Member] | Fair Value, Recurring [Member] | CIPs [Member] | Level 1 [Member]
Assets [Abstract]
Investments, at fair value	0	0
Real Estate [Member] | Fair Value, Recurring [Member] | CIPs [Member] | Level 2 [Member]
Assets [Abstract]
Investments, at fair value	0	0
Real Estate [Member] | Fair Value, Recurring [Member] | CIPs [Member] | Level 3 [Member]
Assets [Abstract]
Investments, at fair value	$ 304.3	$ 152.7

Consolidated Investment Produ_6

Consolidated Investment Products - Schedule of Changes in Level 3 Assets of CIPs (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Schedule Of Consolidated Investment Products [Line Items]
Transfers into Level 3	$ 0	$ 0	$ 0	$ 0
CIPs [Member]
Schedule Of Consolidated Investment Products [Line Items]
Transfers into Level 3	0	0	(2.2)	(0.1)
Transfers out of Level 3	(0.1)	0	(1.1)	(29)
CIPs [Member] | Level 3 [Member]
Schedule Of Consolidated Investment Products [Line Items]
Balance at beginning of period - assets	731.5	456.8	597.1	350
Acquisition				84.9
Realized and unrealized gains (losses) included in investment and other income (losses), net	(24.5)	8.2	(51.1)	6
Purchases	135.2	39.8	349.5	118.4
Sales and settlements	(53.2)		(61.8)	(65.4)
Sales		(43.2)
Deconsolidation			(40.7)
Transfers into Level 3			2.2	0.1
Transfers out of Level 3	(0.1)		(1.1)	(29)
Foreign exchange revaluation	2.9	0.6	(2.3)	(2.8)
Balance at End of Period - assets	791.8	462.2	791.8	462.2
Change in unrealized gains (losses) included in net income relating to assets held at March 31, 2020	(23.6)	(4.7)	(50.2)	1
CIPs [Member] | Level 3 [Member] | Equity securities [Member]
Schedule Of Consolidated Investment Products [Line Items]
Balance at beginning of period - assets	351.6	257.6	296.4	199.7
Acquisition				45.2
Realized and unrealized gains (losses) included in investment and other income (losses), net	(26)	0.5	(36)	7.4
Purchases	120.5	38.8	188.9	74.2
Sales and settlements	(50.3)		(53.6)	(30.8)
Sales		(29.4)
Deconsolidation			0
Transfers into Level 3			0	0.1
Transfers out of Level 3	0		0	(25.4)
Foreign exchange revaluation	(2.2)	0.1	(2.1)	(2.8)
Balance at End of Period - assets	393.6	267.6	393.6	267.6
Change in unrealized gains (losses) included in net income relating to assets held at March 31, 2020	(25.1)	(13.3)	(35.1)	(6.3)
CIPs [Member] | Level 3 [Member] | Debt Securities [Member]
Schedule Of Consolidated Investment Products [Line Items]
Balance at beginning of period - assets	80.9	131.7	131.4	118
Acquisition				39.7
Realized and unrealized gains (losses) included in investment and other income (losses), net	2.3	8.6	(12)	(2.4)
Purchases	2.6	0	6.9	9.4
Sales and settlements	(1.2)		(2.3)	(20.2)
Sales		0
Deconsolidation			(40.7)
Transfers into Level 3			2.2	0
Transfers out of Level 3	(0.1)		(1.1)	(3.6)
Foreign exchange revaluation	0.5	0.3	0.6	(0.3)
Balance at End of Period - assets	85	140.6	85	140.6
Change in unrealized gains (losses) included in net income relating to assets held at March 31, 2020	2.3	8.8	(12)	4.9
CIPs [Member] | Level 3 [Member] | Real Estate [Member]
Schedule Of Consolidated Investment Products [Line Items]
Balance at beginning of period - assets	288	29.1	152.7	0
Acquisition				0
Realized and unrealized gains (losses) included in investment and other income (losses), net	(0.4)	(0.2)	(1.3)	3.2
Purchases	12.1	0	153.7	25.6
Sales and settlements	0		0	0
Sales		0
Deconsolidation			0
Transfers into Level 3			0	0
Transfers out of Level 3	0		0	0
Foreign exchange revaluation	4.6	0.2	(0.8)	0.3
Balance at End of Period - assets	304.3	29.1	304.3	29.1
Change in unrealized gains (losses) included in net income relating to assets held at March 31, 2020	(0.4)	(0.2)	(1.3)	3.2
CIPs [Member] | Level 3 [Member] | Loans [Member]
Schedule Of Consolidated Investment Products [Line Items]
Balance at beginning of period - assets	11	38.4	16.6	32.3
Acquisition				0
Realized and unrealized gains (losses) included in investment and other income (losses), net	(0.4)	(0.7)	(1.8)	(2.2)
Purchases	0	1	0	9.2
Sales and settlements	(1.7)		(5.9)	(14.4)
Sales		(13.8)
Deconsolidation			0
Transfers into Level 3			0	0
Transfers out of Level 3	0		0	0
Foreign exchange revaluation	0	0	0	0
Balance at End of Period - assets	8.9	24.9	8.9	24.9
Change in unrealized gains (losses) included in net income relating to assets held at March 31, 2020	$ (0.4)	$ 0	$ (1.8)	$ (0.8)

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		Jun. 30, 2020USD ($)$ / shares	Sep. 30, 2019USD ($)$ / shares
Schedule Of Consolidated Investment Products [Line Items]
Investments, Fair value Disclosure		$ 572.1	$ 589.7
CIPs [Member]
Schedule Of Consolidated Investment Products [Line Items]
Investments, Fair value Disclosure		2,274.3	2,303.9
Fair Value, Recurring [Member] | CIPs [Member] | Equity securities [Member]
Schedule Of Consolidated Investment Products [Line Items]
Investments, Fair value Disclosure		891.3	919.5
Fair Value, Recurring [Member] | CIPs [Member] | Debt Securities [Member]
Schedule Of Consolidated Investment Products [Line Items]
Investments, Fair value Disclosure		481.5	1,215.1
Fair Value, Recurring [Member] | CIPs [Member] | Real Estate [Member]
Schedule Of Consolidated Investment Products [Line Items]
Investments, Fair value Disclosure		304.3	152.7
Fair Value, Recurring [Member] | CIPs [Member] | Loans [Member]
Schedule Of Consolidated Investment Products [Line Items]
Investments, Fair value Disclosure		597.2	16.6
Fair Value, Recurring [Member] | CIPs [Member] | Level 3 [Member] | Equity securities [Member]
Schedule Of Consolidated Investment Products [Line Items]
Investments, Fair value Disclosure		393.6	296.4
Fair Value, Recurring [Member] | CIPs [Member] | Level 3 [Member] | Equity securities [Member] | Discounted cash flow [Member]
Schedule Of Consolidated Investment Products [Line Items]
Investments, Fair value Disclosure		$ 157.9	$ 97.2
Fair Value, 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		0.034	0.048
Fair Value, 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		0.300	0.163
Fair Value, 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	[1]	0.113	0.103
Fair Value, 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	[1]	0.170	0.170
Fair Value, Recurring [Member] | CIPs [Member] | Level 3 [Member] | Equity securities [Member] | Market comparable companies [Member]
Schedule Of Consolidated Investment Products [Line Items]
Investments, Fair value Disclosure		$ 128.3	$ 176.9
Fair Value, 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		0.200	0.150
Fair Value, 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		0.252	0.300
Fair Value, 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	[1]	0.219	0.231
Fair Value, 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		6.8	4.5
Fair Value, 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		19.1	11.8
Fair Value, 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	[1]	10	8.1
Fair Value, Recurring [Member] | CIPs [Member] | Level 3 [Member] | Equity securities [Member] | Market comparable companies [Member] | Risk premium [Member] | Minimum [Member]
Schedule Of Consolidated Investment Products [Line Items]
Investments, measurement input	[1]	0.143
Fair Value, Recurring [Member] | CIPs [Member] | Level 3 [Member] | Equity securities [Member] | Market comparable companies [Member] | Risk premium [Member] | Maximum [Member]
Schedule Of Consolidated Investment Products [Line Items]
Investments, measurement input	[1]	0.550
Fair Value, 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	[1]	0.315	0.189
Fair Value, 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	[1]	7.5	3.7
Fair Value, Recurring [Member] | CIPs [Member] | Level 3 [Member] | Equity securities [Member] | Market comparable companies [Member] | Price-to-earnings ratio [Member] | Weighted Average [Member]
Schedule Of Consolidated Investment Products [Line Items]
Investments, measurement input	[1]	11
Fair Value, Recurring [Member] | CIPs [Member] | Level 3 [Member] | Equity securities [Member] | Market comparable companies [Member] | Price-to-book value ratio | Weighted Average [Member]
Schedule Of Consolidated Investment Products [Line Items]
Investments, measurement input	[1]	0.9
Fair Value, Recurring [Member] | CIPs [Member] | Level 3 [Member] | Equity securities [Member] | Market pricing [Member]
Schedule Of Consolidated Investment Products [Line Items]
Investments, Fair value Disclosure		$ 107.4	$ 22.3
Fair Value, 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		0.12	0.25
Fair Value, 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		60.06	20.13
Fair Value, 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	[1]	9	2.06
Fair Value, Recurring [Member] | CIPs [Member] | Level 3 [Member] | Debt Securities [Member]
Schedule Of Consolidated Investment Products [Line Items]
Investments, Fair value Disclosure		$ 85	$ 131.4
Fair Value, Recurring [Member] | CIPs [Member] | Level 3 [Member] | Debt Securities [Member] | Discounted cash flow [Member]
Schedule Of Consolidated Investment Products [Line Items]
Investments, Fair value Disclosure		$ 75.1	$ 115.5
Fair Value, 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		0.034	0.048
Fair Value, 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		0.178	0.174
Fair Value, 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	[1]	0.113	0.097
Fair Value, 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, 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		0.170	0.247
Fair Value, 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	[1]	0.170	0.229
Fair Value, Recurring [Member] | CIPs [Member] | Level 3 [Member] | Debt Securities [Member] | Market comparable companies [Member]
Schedule Of Consolidated Investment Products [Line Items]
Investments, Fair value Disclosure		$ 9.9	$ 15.9
Fair Value, 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	[1]	15.5	21.9
Fair Value, 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	[1]	10	10
Fair Value, Recurring [Member] | CIPs [Member] | Level 3 [Member] | Real Estate [Member]
Schedule Of Consolidated Investment Products [Line Items]
Investments, Fair value Disclosure		$ 304.3	$ 152.7
Fair Value, Recurring [Member] | CIPs [Member] | Level 3 [Member] | Real Estate [Member] | Discounted cash flow [Member]
Schedule Of Consolidated Investment Products [Line Items]
Investments, Fair value Disclosure		$ 201.9	$ 84.7
Fair Value, 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		0.045	0.064
Fair Value, 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		0.060	0.074
Fair Value, 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	[1]	0.051	0.071
Fair Value, Recurring [Member] | CIPs [Member] | Level 3 [Member] | Real Estate [Member] | Yield capitalization [Member]
Schedule Of Consolidated Investment Products [Line Items]
Investments, Fair value Disclosure		$ 102.4	$ 68
Fair Value, Recurring [Member] | CIPs [Member] | Level 3 [Member] | Real Estate [Member] | Yield capitalization [Member] | Equivalent yield [Member] | Minimum [Member]
Schedule Of Consolidated Investment Products [Line Items]
Investments, measurement input		0.042	0.043
Fair Value, Recurring [Member] | CIPs [Member] | Level 3 [Member] | Real Estate [Member] | Yield capitalization [Member] | Equivalent yield [Member] | Maximum [Member]
Schedule Of Consolidated Investment Products [Line Items]
Investments, measurement input		0.061	0.061
Fair Value, Recurring [Member] | CIPs [Member] | Level 3 [Member] | Real Estate [Member] | Yield capitalization [Member] | Equivalent yield [Member] | Weighted Average [Member]
Schedule Of Consolidated Investment Products [Line Items]
Investments, measurement input	[1]	0.052	0.054
Fair Value, Recurring [Member] | CIPs [Member] | Level 3 [Member] | Loans [Member]
Schedule Of Consolidated Investment Products [Line Items]
Investments, Fair value Disclosure		$ 8.9	$ 16.6
Fair Value, Recurring [Member] | CIPs [Member] | Level 3 [Member] | Loans [Member] | Discounted cash flow [Member]
Schedule Of Consolidated Investment Products [Line Items]
Investments, Fair value Disclosure		$ 8.9	$ 16.6
Fair Value, 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	0.030
Fair Value, 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		0.265	0.239
Fair Value, 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	[1]	0.128	0.120
[1]	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	Jun. 30, 2020	Sep. 30, 2019	Jun. 30, 2019	Sep. 30, 2018
Financial Assets [Abstract]
Cash and cash equivalents	$ 6,975.9	$ 5,957.6	$ 5,757.6	$ 6,910.6
Financial Liability [Abstract]
Debt of CLOs	697.2	696.9
CIPs [Member]
Financial Assets [Abstract]
Cash and cash equivalents	617.2	154.2
Financial Liability [Abstract]
Debt of CLOs	685.6	50.8
Other debt	148.3	50.8
Carrying Value [Member]
Financial Assets [Abstract]
Cash and cash equivalents	6,358.7	5,803.4
Carrying Value [Member] | CIPs [Member]
Financial Assets [Abstract]
Cash and cash equivalents	595	154.2
Financial Liability [Abstract]
Other debt	148.3	50.8
Estimated Fair Value [Member] | Level 1 [Member]
Financial Assets [Abstract]
Cash and cash equivalents	6,358.7	5,803.4
Estimated Fair Value [Member] | CIPs [Member] | Level 1 [Member]
Financial Assets [Abstract]
Cash and cash equivalents	595	154.2
Estimated Fair Value [Member] | CIPs [Member] | Level 3 [Member]
Financial Liability [Abstract]
Other debt	151.2	51
Collateralized loan obligations [Member]
Financial Liability [Abstract]
Debt of CLOs	613.3
Collateralized loan obligations [Member] | CIPs [Member]
Financial Liability [Abstract]
Debt of CLOs	537.3	0
Collateralized loan obligations [Member] | Carrying Value [Member] | CIPs [Member]
Financial Liability [Abstract]
Debt of CLOs	537.3	0
Collateralized loan obligations [Member] | Estimated Fair Value [Member] | CIPs [Member] | Level 2 [Member]
Financial Liability [Abstract]
Debt of CLOs	$ 548	$ 0

Consolidated Investment Produ_9

Consolidated Investment Products - Schedule of Debt of CIPs (Details) - USD ($) $ in Millions	Jun. 30, 2020	Sep. 30, 2019
Schedule Of Consolidated Investment Products [Line Items]
Debt	$ 697.2	$ 696.9
Collateralized loan obligations [Member]
Schedule Of Consolidated Investment Products [Line Items]
Debt	613.3
CIPs [Member]
Schedule Of Consolidated Investment Products [Line Items]
Debt	685.6	50.8
Other debt	$ 148.3	$ 50.8
Effective Interest Rate	3.08%	5.09%
CIPs [Member] | Collateralized loan obligations [Member]
Schedule Of Consolidated Investment Products [Line Items]
Debt	$ 537.3	$ 0
Effective Interest Rate	3.61%

Consolidated Investment Prod_10

Consolidated Investment Products - Schedule of Contractual Maturities for Debt of CIPs (Details) - USD ($) $ in Millions	Jun. 30, 2020	Sep. 30, 2019
Schedule Of Consolidated Investment Products [Line Items]
Total	$ 697.2	$ 696.9
CIPs [Member]
Schedule Of Consolidated Investment Products [Line Items]
2020 (remainder of year)	23.3
2021	146.4
2022	0
2023	0
2024	32.8
Thereafter	483.1
Total	$ 685.6

Consolidated Investment Prod_11

Consolidated Investment Products - Schedule of Redeemable Noncontrolling Interest of CIPs (Details) - USD ($) $ in Millions	3 Months Ended						9 Months Ended
	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Jun. 30, 2020	Jun. 30, 2019
Temporary Equity [Line Items]
Balance at beginning of period			$ 746.7				$ 746.7
Net income	$ 31.3			$ 0.1			11.8	$ 6.2
Net subscriptions and other	107.4	$ 89.7	28.2	30.9	$ 51	$ 23.1
Net deconsolidations		$ (0.6)	(0.7)		$ 24.3
Balance at End of Period	713.8						713.8
CIPs [Member]
Temporary Equity [Line Items]
Balance at beginning of period			$ 746.7			$ 1,043.6	746.7	1,043.6
Net income							11.8	6.2
Balance at End of Period	$ 713.8			$ 806.5			713.8	806.5
CIPs [Member] | Redeemable Noncontrolling Interests [Member]
Temporary Equity [Line Items]
Net subscriptions and other							241.2	578.4
Net deconsolidations							$ (285.9)	$ (821.7)

Consolidated Investment Prod_12

Consolidated Investment Products - Schedule of Unpaid Principal Balance and Fair Value of Investments and Debt of CLOs (Details) - USD ($) $ in Millions	Jun. 30, 2020	Sep. 30, 2019
Schedule Of Consolidated Investment Products [Line Items]
Unpaid principal balance	$ 1,135	$ 1,555.8
Investments, Fair value Disclosure	572.1	$ 589.7
Collateralized loan obligations [Member]
Schedule Of Consolidated Investment Products [Line Items]
Unpaid principal balance	679.7
Difference between unpaid principal balance and fair value	(91.4)
Investments, Fair value Disclosure	$ 588.3

Nonconsolidated Variable Inte_3

Nonconsolidated Variable Interest Entities - Schedule of Maximum Exposure to Loss (Details) - Nonconsolidated VIEs [Member] - USD ($) $ in Millions	Jun. 30, 2020	Sep. 30, 2019
Variable Interest Entity [Line Items]
Maximum exposure to loss	$ 543.5	$ 607.6
Investments [Member]
Variable Interest Entity [Line Items]
Maximum exposure to loss	347.9	458.1
Receivables [Member]
Variable Interest Entity [Line Items]
Maximum exposure to loss	137.6	149.5
Loans Receivable [Member]
Variable Interest Entity [Line Items]
Maximum exposure to loss	$ 58	$ 0

Nonconsolidated Variable Inte_4

Nonconsolidated Variable Interest Entities Nonconsolidated Variable Interest Entities Narrative (Details) - 9 months ended Jun. 30, 2020 $ in Millions, ₨ in Billions	USD ($)	INR (₨)
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Authorized loan	$ 66.2	₨ 5
Fixed interest rate on loan	8.00%
Loans receivable	$ 58
Loan Remaining Authorization	$ 4.8

Leases Leases - Narrative (Deta

Leases Leases - Narrative (Details)	9 Months Ended
	Jun. 30, 2020
Leases [Abstract]
Operating Lease, Weighted Average Remaining Lease Term	8 years 7 months 6 days
Operating Lease, Weighted Average Discount Rate, Percent	2.90%
Lessor Operating Lease Weighted Average Remaining Lease Term	7 years 4 months 24 days

Leases - Lease Expenses (Detail

Leases - Lease Expenses (Details) - USD ($) $ in Millions		3 Months Ended	9 Months Ended
		Jun. 30, 2020	Jun. 30, 2020
Lease, Cost [Abstract]
Operating lease cost	[1]	$ 14.5	$ 42.6
Finance lease cost		0.1	0.4
Variable lease costs	[2]	0	0.5
Total lease expense		$ 14.6	$ 43.5
[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	9 Months Ended
	Jun. 30, 2020USD ($)
Supplemental Cash Flow Information [Abstract]
Operating cash flows from operating leases included in the measurement of operating lease liabilities	$ 36.8
ROU assets obtained in exchange for new/modified operating lease liabilities	$ 10.9

Leases - Operating Lease Liabil

Leases - Operating Lease Liability Maturities (Details) - USD ($) $ in Millions	Jun. 30, 2020	Sep. 30, 2019
Leases [Abstract]
2020 (remainder of year)	$ 12.7	$ 49.5
2021	47.9	45.3
2022	45.4	40.9
2023	42.8	39.1
2024	38.9	36.7
Thereafter	155.8	149.1
Total lease payments	343.5	360.6
Less: interest	42.9
Operating lease liabilities	$ 300.6	$ 0

Leases - Lessor Operating Lease

Leases - Lessor Operating Lease Payments To Be Received Maturities (Details) $ in Millions	Jun. 30, 2020USD ($)
Leases [Abstract]
2020 (remainder of year)	$ 8.1
2021	31
2022	28
2023	28
2024	29
Thereafter	99.3
Total	$ 223.4

Commitments and Contingencies (

Commitments and Contingencies (Details) - Legg Mason [Member] $ / shares in Units, $ in Billions	Feb. 17, 2020USD ($)$ / shares
Other Commitments [Line Items]
Business acquisition, Share price | $ / shares	$ 50
Purchase consideration in cash	$ 4.7
Amount of debt assumed	$ 2

Stock-Based Compensation - Narr

Stock-Based Compensation - Narrative (Details) $ in Millions	9 Months Ended
	Jun. 30, 2020USD ($)
Share-based Payment Arrangement, Noncash Expense [Abstract]
Unrecognized compensation expense related to nonvested stock and stock unit awards	$ 157.3
Remaining weighted-average vesting period	1 year 10 months 24 days

Stock-Based Compensation - Summ

Stock-Based Compensation - Summary of Stock and Stock Unit Award Activity (Details) shares in Thousands	9 Months Ended
	Jun. 30, 2020$ / 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	4,819
Vested	(927)
Forfeited/canceled	(830)
Nonvested Balance at June 30, 2020	8,694
Nonvested beginning balance, Weighted Average Grant Date Fair Value | $ / shares	$ 34.06
Weighted Average Grant Date Fair Value of shares granted | $ / shares	27.44
Weighted Average Grant Date Fair Value of shares vested | $ / shares	34.30
Weighted Average Grant Date Fair Value of shares forfeited/canceled | $ / shares	33.64
Nonvested ending balance, Weighted Average Grant Date Fair Value | $ / shares	$ 30.41
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	4,684
Vested	(553)
Forfeited/canceled	(288)
Nonvested Balance at June 30, 2020	7,621
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	135
Vested	(374)
Forfeited/canceled	(542)
Nonvested Balance at June 30, 2020	1,073

Other Income (Expenses) - Narra

Other Income (Expenses) - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Other Income and Expenses [Abstract]
Proceeds from the sale of available-for-sale securities	$ 0.6		$ 1.6
Net gains (losses) recognized on equity securities measured at fair value and trading debt securities	$ 52.9	$ 7.9	$ (12.5)	$ (1.9)

Other Income (Expenses) - Sched

Other Income (Expenses) - Schedule of Other Income (Expense) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Other Income and Expenses [Abstract]
Dividend income	$ 5.5	$ 24.2	$ 44.1	$ 74
Interest income	2.3	7.2	11.4	24.7
Income (losses) from investments in equity method investees	10	5.5	(110.3)	15.1
Gains (losses) on swap agreements	(20.2)	0	8.9	0
Rental income	7.7	4.7	23	14.6
Foreign currency exchange (losses) gains, net	(0.6)	0.1	(11.5)	7.3
Other expense, net				(0.3)
Other income, net	2.6	0.5	0.2
Total	22.9	44.2	(166.5)	103.8
Interest Expense	(6.8)	(5.6)	(17.7)	(17.7)
Other Income (Expenses), Net	16.1	38.6	(184.2)	86.1
Schedule Of Consolidated Investment Products [Line Items]
Gains (losses) on investments, net	42.3	0.3	(29.3)	(16.1)
CIPs [Member]
Schedule Of Consolidated Investment Products [Line Items]
Gains (losses) on investments, net	$ (26.7)	$ 1.7	$ (103)	$ (15.5)

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						9 Months Ended
	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Jun. 30, 2020	Jun. 30, 2019	Oct. 01, 2018
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance at beginning of period	$ (476.1)		$ (431.6)	$ (386.5)		$ (370.6)	$ (431.6)	$ (370.6)
Other comprehensive income (loss) before reclassifications, net of tax	25.6			(2.9)			(19.5)	(10.9)
Reclassifications to net investment and other income (losses), net of tax	0.4			8.5			1	8.6
Total other comprehensive income (loss)	26	$ (99.9)	55.4	5.6	$ 7.1	(15)	(18.5)	(2.3)
Balance at end of period	(450.1)	(476.1)		(380.9)	(386.5)		(450.1)	(380.9)
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	(469.9)		(425.4)	(379.6)		(372.9)	(425.4)	(372.9)
Other comprehensive income (loss) before reclassifications, net of tax	26.1			1.9			(18.8)	(4.9)
Reclassifications to net investment and other income (losses), net of tax	0			0			0.4	0.1
Total other comprehensive income (loss)	26.1			1.9			(18.4)	(4.8)
Balance at end of period	(443.8)	(469.9)		(377.7)	(379.6)		(443.8)	(377.7)
Unrealized Losses on Defined Benefit Plans [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance at beginning of period	(6.4)		(6.2)	(5.3)		(4.2)	(6.2)	(4.2)
Other comprehensive income (loss) before reclassifications, net of tax	0			0.1			(0.2)	(1)
Reclassifications to net investment and other income (losses), net of tax	0			0				0
Total other comprehensive income (loss)	0			0.1			(0.2)	(1)
Balance at end of period	(6.4)	(6.4)		(5.2)	(5.3)		(6.4)	(5.2)
Unrealized Gains (Losses) on Investments [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance at beginning of period	0.2		$ 0	(1.6)		$ 6.5	0	6.5
Other comprehensive income (loss) before reclassifications, net of tax	(0.5)			(4.9)			(0.5)	(5)
Reclassifications to net investment and other income (losses), net of tax	0.4			8.5			0.6	8.5
Total other comprehensive income (loss)	(0.1)			3.6			0.1	3.5
Balance at end of period	$ 0.1	$ 0.2		$ 2	$ (1.6)		$ 0.1	$ 2
Unrealized Gains (Losses) on Investments [Member] | ASU 2016-01 [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Adoption of new accounting guidance									$ (8)